In a timely Heritage in Focus, Heritage expert Curtis Dubay discusses part of President Obama’s budget proposal to raise taxes on the wealthy – those earning over $250,000.
The president’s budget this year is $3.6 trillion. Confiscating every single penny from every income earner making more than $114,000 – everyone in the top 10 percent of income earners – would still only generate $3.4 trillion. Not enough to cover the entirety of the 2011 budget.
On top of that, Medicare alone, with its current unfunded liabilities, is anywhere between $45 trillion and $90 trillion in debt. To think of it another way, people are receiving benefits three times the amount they contribute in to Medicare. It goes without saying that this can’t continue – and left, right and center all agree on that.
The right, led by Rep. Paul Ryan (R – WI), has released a proposal to take on and reform Medicare. As of right now, Mr. Ryan’s proposal is the only plan to deal with Medicare that has been presented by our politicians.
Honest people with integrity can and do disagree with Mr. Ryan’s budget plan, but until another plan emerges to deal with our entitlements, trumpeting tax hikes on the wealthy as a potential solution is irresponsible.
Tax increases on the rich cannot pay for our current level of government. Click here to listen.
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This is where the Progressive arguement falls apart completly. I have heard the progressive arguement that debt = wealth, which seems to mean that the more debt you accumulate the more "wealthy" you are. So with that premise I would say we are progressively "wealthy." This might explain why the president thinks that 1.6 Trillion dollar yearly deficits are a good thing. Debt enslaves people, and wealth frees people from the government dependency which is why this progressive president wants to punish the rich, even if it will not put a dent in our spending problem.
Finally an honest Republican. Ryan makes no bones about shredding the social safety net to lavish tax breaks on the rich. Go Ryan!
The Ryan plan has the same fatal flaw that constantly cast public opions on all republicans, it includes reducing a large percent of taxes on the the so-c
For a nation that demands that everyone be treated equally. When it come to collecting federal income taxes its more like communism, "From each according to their ability, to each according to their need". With almost half of the taxpayers not paying any federal income taxes, those that don't pay taxes will continue to vote for those that won't raise their taxes. The only way to stop this inequity is to make everyone pay. The Fair Tax makes everyone pay, fairtax.org.
Only 3.4 trillion? Hehe…that's pretty funny to see below a post were Heritage boasts of finding 330 billion worth of spending cuts.
Another plan to deal with entitlements? Have you heard that Congress passed health reform last year with goals of lower health care costs?
If it is true that every American would have to donate 45000.00 to balance the budget, I would gladly be the first one in line; but, who is second ?