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Old 10-21-2012, 10:54   #328
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Originally Posted by Z71bill View Post
The taxes Obama wants on the rich will generate about $50 billion in added revenue.

My guess is he will want to spend it - not use it to reduce the deficit.

But where is the other $950 billion going to come from?

We must cut spending -


Tax collections have gone up A LOT

Last year Regan was in office total federal revenue was $909 billion - they spent $1.06 trillion

Now we collect $2.5 trillion - a 175% increase in taxes

and spend $3.8 trillion a 259% increase.


You have your facts mixed up --

The share of taxes paid by the "rich" has increased -

Rich pay a higher % of their income - and also pay a greater % of total taxes - these are facts - go look it up.

The political spin of the Bush tax cuts goes like this -

The rich got $50,000 tax cuts and the poor guy only got a $2,000 cut.

So before the rich guy paid $350,000 in taxes - now he pays $300,000.

The lower income guy paid $6,000 before - now they pay $4,000. (including payroll taxes).

I think most folks would define$50,000, married,2 kids as middle class.

That guy pays negligible to nothing in federal income taxes.
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