Archive for November, 2008

Who’s paying the taxes?

Posted on November 9, 2008. Filed under: Uncategorized | Tags: $250, $250k, 000 |

Who is paying the taxes?
And who will pay the tax increases?

Obama claims he will raise the taxes on people making $250,000 or more.
And somehow this will pay the additional $1.4 trillion in new spending he proposes.

According to the US Census online figures, I found this:
There are approximately 1,086,000 people that reporting earning at least $250,000 per year
These people, one way or another, has 40% of their income going to the federal government and that comes to $100,000 per year each.
If we increase their “contribution” by 10% to 44% (10% of 40% = 4%), then these people will now be contributing $110,000 per year. That is an additional $10,000 per year per “rich white guy”.

So, 1,086,000 “rich white guys” paying an additional $10k per year comes to: $1,086,000,000.
Or, approximately $1 billion.
Even if he doubles the tax increase on them to 20% more, that is still only $2 billion per year.

Now consider this.
There are 100 million middle class Americans who earn, on average, $100,000 per year each.
I know what you’re thinking, you don’t make $100k but you consider yourself middle class.
This is an “average”. The low end is single people making around $40-50k per year. The high end is up to, but not including, $250k per year.

Now, this group pays, on average (hook or crook) about 30% to the feds.
That comes to about $30,000 per person.
If Obama increases their “contribution” by 10% to 33% (10% of 30% = 3%), then these people will now be contributing (patriotically, of course) $33,000 per year. That is “only” an additional $3,000 per year each.

Now, the liberals look at this and say, “those rich b@$tards are now paying $10,000 more per year (or $20k). They’re finally paying their “fair share”.”
They won’t mention the extra $3000 per year all of us are paying.
And if that fact is brought up, they dismiss it as a “small contribution” to help the overall economy. Or as Biden put it, “patriotic” contribution.

But, let’s look at how this “small” contribution adds up:
100 million middle-class Americans each “contributing” another $3000 per year comes to $300,000,000,000 per year!  Yes, that’s $300 BILLION per year.

NOTE: consider this: if you took ALL of the money from 1,000,000 people making $250k per year, you would net $250 BILLION. So you wiped out the entire upper class and didn’t even get as much money as all those “small” contributions added together.

Obama is planning to give away, er – I mean “spend” an additional $1.4 TRILLION.
$300 billion per year (extra $3k per year from you and me) for 4 years comes to  $1.2 TRILLION !

Even with the extra $8 billion ($2 billion per year for 4 years) from all the “rich white guys”, this is still only $1.208 trillion. Not enough Swami Obami.

And finally, $1.4 trillion is ONLY what he has promised to give away here.
He still has “promissary notes” out to the UN and most of Africa totalling almost another $2 trillion.
I guess he’s already planning for the 2nd term……
40% of $250k on 1 million people = $100 billion per year.
30% of $100k on 100 million people = $3 TRILLION per year.
2008 Federal budget: almost $3 trillion per year.
Question:  who pays the taxes in this country???
Followup question: who actually CAN pay all the taxes in this country?