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 -
BTW
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.
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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).
