Some numbers to ponder
2006 Income Tax Receipts $1.236 T (49%)
2006 Employment Taxes $0.814 T (32%)
Total $1.628 T assume the real unemployment change since 2006 of 25% = $1.22 T expected receipts in 2009.
2009 Outlays $3.938 T (FY2010 Budget www.gpoaccess.gov/usbu...)
Now follow closely (from www.taxfoundation.org/...)
the top 10% (all those with income over $110,000) paid 71.2% of the taxes from only $4.22 T in adjusted gross income.
Now look at how close that $4.2 T figure is to the budget of $3.9 T. You see if the government taxes 100% of all income for everyone making $110,000 or more it would only leave a $0.300 T fudge factor. Any one that believes that the 2010 budget is anything more than toilet paper is a fool. So it will be worse than this.
There is absolutely no way that everyone is not going to end up paying at least double the taxes they did in 2008. Even so, it will not make a dent in the deficit. That does not consider health care reform and all the other entitlements this President wants. Thank you very much hope and change. Aug 02 05:10 PM