Instapundit » Blog Archive » WASHINGTON POST: Five Myths About Millionaires. Including this one: “In a speech on Monday, Obama…: "WASHINGTON POST: Five Myths About Millionaires. Including this one: “In a speech on Monday, Obama said raising taxes on millionaires isn’t class warfare, but ‘math.’ His math may be off: According to the IRS, those with adjusted gross incomes of more than $1 million paid an average of 23.3 percent in federal income taxes in 2008; those earning between $100,000 and $200,000 paid 12.7 percent; and those earning between $50,000 and $100,000 paid 8.9 percent. Half of American families don’t make enough money to pay income taxes at all.” And that’s the real problem. Everyone should have skin in the game.
Posted by Glenn Reynolds at 10:34 am"
I can't believe it's gotten so bad that even WaPo is now routinely correcting Erkel. And did I forget to quote
this?:
Millionaires accounted for just 0.17 percent (236,883) of the more than 140 million tax returns filed in 2009, and reported income totaling $727 billion.
The federal government will spend about $3.6 trillion this year (a rate of $300 billion per month), running an annual deficit of about $1.3 trillion. So, even if the IRS decided to confiscate every cent earned by millionaires in a given year, it would amount to less than half of the new debt we are taking on each year, and would barely be enough to fund the government for two months.
According to Forbes, the 400 wealthiest individuals in the U.S. are worth a combined $1.37 trillion. Confiscating all their wealth (not just annual earnings) would buy us another 4.5 months.
It's the
Haavaad math...
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