Just to set the stage here, let us not forget that inflation-adjusted federal tax revenues hit a record $1,891,601,000,000 for the first seven months of the fiscal year this April – that’s nearly 1.9 TRILLION dollars in case you find all those commas and zeroes daunting.
Nonetheless, despite being awash in money, the federal government still ran a $282,766,000,000 deficit during that same period, according to the latest Monthly Treasury Statement.
Now if you’re a conservative, it’s really simple. Obviously you’re spending too much.
But if you’re a liberal, you’re not spending ENOUGH. Huh?
During a radio interview last week, Georgia Representative Hank Johnson said when it comes to taxes, “we don’t have enough to do what the government – and do what the country needs the government to do and that’s the problem.”THAT’S the problem? Well, if that’s the problem Mr. Johnson, you and all the other liberals who think like you are always welcome to write a check to the government to make up the difference.
But of course, it’s not HIS money that’s needed, it’s “OPM.”Johnson said, “If everyone is paying their fair share of taxes than we certainly should and can live within our means. But our problem now is that taxes are being paid by the middle class. The rich, the wealthy and the corporations are not paying their fair share and so therefore we don’t have enough to do what the government and do what the country needs the government to do and that’s the problem.”
Of course. Fair share.
Never mind that as CNSNews.com reported in 2014, taxpayers earning $100,000 or more a year pay 71.6 percent of the nation’s share in individual federal income taxes, according to the Internal Revenue Service.
And according to a projection from the non-partisan Tax Policy Center, the top one percent of Americans will pay a 32.4 percent share of federal taxes in 2016.
So what’s fair? Should the top one percent pay 50 percent of all federal taxes? Seventy-five percent? One hundred percent?
In fact, why should we allow rich people to keep any of their income? They’re already rich, right?