Originally Posted by muscogee
If you raise taxes you're a leftist, socialist, fascist, communists and you're ignorant. The next President will raise your taxes because he has too. Do you want the working class and middle class to bear the bulk of the tax increases, like they have since Reagan, or do you want to ultra rich to bear the bulk of the burden?
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).