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Obma wants 1.6 Trillion in NEW Tax Revenue over 10 years.... WHAT we own 16 TRILLION ??????????

 
Anonymous Coward
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11/16/2012 10:14 AM
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Obma wants 1.6 Trillion in NEW Tax Revenue over 10 years.... WHAT we own 16 TRILLION ??????????
How on earth will 1.6 Trillion over 10 years help when you own 16 TRILLION NOW!


Jay Carney, the White House press secretary, provided a bit of good news this afternoon to those worried about painful compromises ahead in the negotiations over the fiscal cliff. President Obama, he said, still wants $1.6 trillion in new tax revenue (over a decade) in any package to reduce the deficit


[link to takingnote.blogs.nytimes.com]
Anonymous Coward
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11/16/2012 10:15 AM
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Re: Obma wants 1.6 Trillion in NEW Tax Revenue over 10 years.... WHAT we own 16 TRILLION ??????????
no the feds do
Anonymous Coward
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11/16/2012 10:21 AM
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Re: Obma wants 1.6 Trillion in NEW Tax Revenue over 10 years.... WHAT we own 16 TRILLION ??????????
the tax revenue that they collect could barely cover on the interest payment much less paying for all the gov programs...it is just a joke to appease his stupid followers. Reid already stated that the debt ceiling needs to be raised to 18 trillion.
Anonymous Coward (OP)
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11/16/2012 10:58 AM
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Re: Obma wants 1.6 Trillion in NEW Tax Revenue over 10 years.... WHAT we own 16 TRILLION ??????????
Raising Taxes...
Congress's Joint Tax Committee estimates that raising taxes on income over $250,000 ($200,000 if you're single) will raise $823 billion over 10 years on a static revenue basis.

That's only $82 billion a year in extra revenue when the federal deficit in fiscal 2012 was $1.1 trillion. So... This tax increase would only cut the deficit by about 7.5%.