Barack Obama would have us believe that if the "rich" would just pay their fair share our economic woes would disappear. History tells us that the opposite approach – lowering the tax burden on everyone, including higher earners – is the real path to economic growth and higher tax revenues.
With all of Barack Obama's overblown rhetoric about the "rich" paying their fair share, what effect (other than making it more difficult for job-creators to add to their staffs) would higher taxes have on reducing deficits?
- Those earning more than $10 million per year earned a total of $240 billion in 2009. That would fund federal government operations for a mere 18 days.
- If every dime earned by taxpayers making over $1,000,000 was paid in taxes, it would still not cover the federal deficit.
- Even doubling federal income taxes for every taxpayer would fall short of a balanced budget by $400 billion.
So, let's sum up. The rich don't have the money to bring order to our budget chaos, nearly half of all "taxpayers" pay no federal income taxes at all, and a large number receive more in refunds than they had withheld in taxes.
What is the answer?
The only remaining solution is to drastically scale back Obama's Solyndra-type projects, hack away at waste in government, eliminate redundant federal bureaucracies and take a meat cleaver to whole programs that the federal government should leave to private industry.
Read the article in the Daily Mail.
