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Milton J. Madison - An American Refugee Now Living in China, Where Liberty is Ascending

Federalism, Free Markets and the Liberty To Let One's Mind Wander. I Am Very Worried About the Fate of Liberty in the USA, Where Government is Taking people's Lives ____________________________________________________________________________________________ "Extremism in defense of liberty is no vice. Tolerance in the face of tyranny is no virtue." -Barry Goldwater-

Friday, February 27, 2009

Sociailize Everything.... And Only 2% of Americans Will Have to Pay!!!!!

What is going on in the United States is so absolutely idiotic, it defies description. The empty suit campaigner in chief is claiming that he will socialize medicine, shift massive other spending programs to the Federal Government and only 2% of American will be asked to pay for it. Huh? 98% of Americans will not see their taxes rise while all of these additional responsibilities goes to the 'golden calf' in Washington? It defies common sense.

Well, lets have a look at some information that is provided from the IRS.....
Consider the IRS data for 2006, the most recent year that such tax data are available and a good year for the economy and "the wealthiest 2%." Roughly 3.8 million filers had adjusted gross incomes above $200,000 in 2006. (That's about 7% of all returns; the data aren't broken down at the $250,000 point.) These people paid about $522 billion in income taxes, or roughly 62% of all federal individual income receipts. The richest 1% -- about 1.65 million filers making above $388,806 -- paid some $408 billion, or 39.9% of all income tax revenues, while earning about 22% of all reported U.S. income.
So, first, it is likely that it will be much more than 2% of taxpayers. Governments tend to use unverifiable numbers so that it is impossible to verify or discuss their claims.

So, what we do know, according to the IRS website, (the data is found here) the top 1% earned $1.65 trillion of which, they already pay $408 billion. So, of course, its not the top 1% but the top 2% that the Obamessiah is targeting for his hostile tax policy. But since the IRS does not calculate the total for the 2% we normal non-Godlike and only human people have to look at the top 5%. So the top 5% (this includes the top 1% also) earned $2.8 trillion and paid $522 billion in income taxes. The next 45% totals $4 trillion of of income and they paid $370.6 billion of income taxes. The bottom 50% earns around $1 trillion and pays $31 billion of the income taxes (Wow, it that all? VP Biden may call these people un-patriotic).

So we can see from above that the top 50% of Americans already pay 97% of the income taxes. So, of course, in Willy Sutton style, a bank robber will rob where the money is. Also, by only taking money from a smaller sliver of a population this thief can argue to the others that he isn't harming them. So in order to balance the budget that it not just 100's of billions of dollars out of balance, but trillions of dollars in the hole. So the 5% of top earner in good times earn $2.8 trillion and pay $522 billion leaving a little less than $2.3 trillion to seize. But who is going to work if the government is going to seize their income? How much will these people decide to not bother even trying since the benefit of their work will no longer flow to them? Assuming that in this weakened economy that income falls, how much can the robber-in-chief think that he can take? Assuming that he figure that he can steal another 5% from the top 5% that is only around $150 billion. So in order to seize enough income to make a difference, the Obamessiah has to steal around 25% of current difference between income and taxes paid or around 50% of this groups income. This is in addition to State and local taxes that these people will also have to pay. Good luck your 'rich' people you will not be rich anymore. Haha, you will probably paying around 70% of your income in taxes and probably creating a situation where the after tax income of the 'wealthy' will be less than the next income groups.

But there is a big big problem with punitive taxes on the wealthiest Americans. First, there are large swaths of the wealthy that have already accumulated their wealth. This is very difficult to tax. The people that will pay are the people that are most successful right now. The people that are producing jobs, have created needed or demanded products or invented new things that prove successful or efficient are the ones being asked to foot the bill. The second problem, is that the statistics that I cite above are from 2006, a year in which the economy was booming. The income statistics above are not going to be as robust as they were then. Income for the highest income people will drop massively over the next several years. And finally, by increasing punitive taxes on these people, there is less incentive to try new things and invest in new technologies or develop new products since if these investments are successful, the profits from these ventures will not flow to the risk taker or the person that worked hard to make it happen but to the government through taxes. We will get less innovation and less productivity enhancing behavior.

So, for those of you that think that you are getting something for nothing, hahahaha, you all will get screwed. You all will end up paying and are deceiving themselves, probably willfully that it won't be a mess and a disaster that it seems to be shaping up to be. You will pay, if not directly through hostile tax policy but indirectly through lower average earnings, fewer employment opportunities and slower growth in wealth producing innovations. Just have a look at your 401k, the stock market will continue to dive as inefficient government spending crowds out market businesses and earn a lot less and are forced to pay gigantic increases in taxes.

You people are so stupid. Its sad to see the nation self destructing. Pray to God not to your new Messiah. The Obamessiah is the anti-Christ and he is not only leading you down a path to serfdom and self-destruction but to death. Buy guns, ammunition and Spam.

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