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  • VIDEO: Eat the Rich? Liberals Will Still Be Hungry.

    Want an interesting thought experiment? Take a trip in a liberal dream world of total wealth confiscation, where for one year, politicians confiscate profits from major corporations, professional athletes, Hollywood, and the like—all in the name of paying for their big spending ways. Would it be enough? Watch the above video to find out.

    President Obama would like you to believe that taxes will save the day. Amid the ongoing debt limit debates, raising taxes (or “increased revenue,” as he likes to call it) is his magic bullet for plugging the holes in America’s sinking fiscal ship. He even offers up his own income as a sacrifice, saying that he can afford to pay more in taxes “because a lot of folks bought my book.” And he tries to bring other millionaires along for the ride, like when he joked with the inventor of Twitter that he can give more to the government because his company “has done pretty well.”

    The reality, though, is different. No amount of taxation would be enough to foot the bill for the level of spending the President wants. Here are a few things to keep in mind.

    For starters, the wealthy already pay a ton in taxes. The top 10 percent of income earners—those making more than $113,799 in 2008 (the latest year available from the IRS)— pay 69.9 percent of the nation’s income taxes (as Heritage’s Patrick Tyrrell details here in great depth).

    And back in October 2010, Heritage’s Curtis Dubay took a look at what it would take in taxes to pay the President’s bills. He found that in order to close the more than $1 trillion deficit Obama’s spending would produce in 2020 by taxing only the rich, it would require a top income tax rate of 134 percent. Dubay warns:

    Of course it is impossible to tax more than 100 percent of any taxpayer’s income. More importantly, any rate even approaching such a dangerous level would destroy the economy. Period. So even if it were mathematically possible to tax more income than the rich earn, there would be none of it left for the government to confiscate.

    As much as he would like to, the President just can’t tax his way out of America’s spending problem.

    Posted in Economics [slideshow_deploy]

    9 Responses to VIDEO: Eat the Rich? Liberals Will Still Be Hungry.

    1. Jeff, Illinois says:

      What a stupid deceptive premise. The stat about the top 10% paying 70% of all the taxes can be stated another way i.e. the top 10% have more than 70% of all the wealth in the entire nation, much of it untaxed, because or loopholes. I've heard this talking point stated many times by the GOP talking heads i.e. the notion about what if they were taxed at a 100% . . etc. That's distorting the point completely, which is . . in the past the wealthy were taxed at much higher rates and the deficit was effectively non-existant, and the nation prospered. This article is simply another attempt to keep the propaganda alive and well that the wealthiest are somehow overburdened . . that the 23% past year's average pay increase of american CEO's is fair and that everyone else is a blood sucking, lazy parasite.

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    3. Ray says:

      The President has said he has a few hundred thousand dollars that he doesn't "need", then, Mr. President, why not set an example for all of your rich, liberal friends and just stroke a check to the US Treasury for 3 or 4 hundred thousand dollars! I'm sure they'll gladly accept it! And, you'll feel so much better, I'm sure!

    4. Hub says:

      Opantsonfire has nerve to go with his lack of ability to do his homework.

    5. Bobbie says:

      How dare these hypocrites!!! America used to have job opportunities to EARN a life of wealth like Michael Moore! But Michael Moore wants THOSE opportunities removed by stealing from them. How come hockey or all sports don't have politically correct quotas? Wait don't tell me, because they hire the people that have the talent? Like the freedom of the private industries did to gain success. Team players without a union! What a concept! What a way to build self esteem! Forget self esteem, we need government approved and accounted for races….

      what really upsets me is the mindset of cultural immigrants. We were expecting immigrants to appreciate living their lives in freedom. Culture or not. Something they couldn't in their countries. Yet, with the influence of government controlled misinterpretation of the constitution, they have no motivation or willingness to carry out their lives without the government. Entitled. I just assumed immigrants respected America's freedom and principles willing to take on the responsibilities necessary to fulfill that. I thought that was why they came. Like Marco Rubio's parents, Bobby Jindalhl's. Arnold Schwarzneggar, himself. Like my grand parents who weren't or didn't become successful or rich. Someone or thing gave them the impression their freedom is living off the backs of Americans while earning a living! The government of course, accommodates this.

      Because of government, America has changed to their benefit but in violation of the constitution of America as America continues to weaken. The Constitution unites Americans under it's proper interpretation, violating it, divides. Americans need common understanding of the truth of interpretation of the American Constitution, ASAP!

    6. Jeff, Illinois says:

      This is an absurd talking point misdirection by the GOP. Another way of representing the data that the wealthiest 10% pay 70% of all the taxes in our nation is to say rather that the top 10% wealthiest of our nation have more than 70% of all the WEALTH in this nation. In years past, the wealthy paid as much as 90% tax and somehow our country thrived. With loopholes the effective tax rate of the wealthiest 10% is less than 25%. To make a more meaningful point it's more reasonable to suggest a modest tax increase (certainly considered what it had been) is appropriate at this time in our nation. The present administration inherited a major mess and we need some fairness and shared sacrifice. Last year CEO's had an average increase of 23% in their income, while the middle class had less than 1%. C'mon already!

      The wealthy are doing amazingly well in our present system . . . while most everyone else is on edge. The beginning of this mess started with Reagan and now with the GOP's new mesiah Grover Norquist . . !!

    7. Jeff, Illinois says:

      Too ignorant to respond to . .

    8. oualid says:

      How dare these hypocrites!!! America used to have job opportunities to EARN a life of wealth like Michael Moore! But Michael Moore wants THOSE opportunities removed by stealing from them. How come hockey or all sports don't have politically correct quotas? Wait don't tell me, because they hire the people that have the talent? Like the freedom of the private industries did to gain success. Team players without a union! What a concept! What a way to build self esteem! Forget self esteem, we need government approved and accounted for races….

      what really upsets me is the mindset of cultural immigrants. We were expecting immigrants to appreciate living their lives in freedom. Culture or not. Something they couldn't in their countries. Yet, with the influence of government controlled misinterpretation of the constitution, they have no motivation or willingness to carry out their lives without the government. Entitled. I just assumed immigrants respected America's freedom and principles willing to take on the responsibilities necessary to fulfill that. I thought that was why they came. Like Marco Rubio's parents, Bobby Jindalhl's. Arnold Schwarzneggar, himself. Like my grand parents who weren't or didn't become successful or rich. Someone or thing gave them the impression their freedom is living off the backs of Americans while earning a living! The government of course, accommodates this.

      Because of government, America has changed to their benefit but in violation of the constitution of America as America continues to weaken. The Constitution unites Americans under it's proper interpretation, violating it, divides. Americans need common understanding of the truth of interpretation of the American Constitution, ASAP!
      ——- http://www.storieslearningkids.com/

    9. Dave says:

      Sorry, Jeff. But you are incorrect. You cannot take one stat and create a different stat for your own benefit. That is called lying. If 10 percent are paying 70 percent of the taxes, that does not mean that 10 percent have 70 percent of the wealth. The reason that is not true, is that we do not have a flat tax system. If we did, that would be closer to true.

      However, we have a progressive tax system, where those that make more, pay a much higher rate. So the wealthiest will pay a larger share of total revenue. The 70 percent you tried to use falsely doesn't work for your argument, because it is of the total share, and in our progressive tax rate system, your premise is false.

      47 percent pay no federal tax.

      You would think that's OK. It isn't. That is called a lack of accountability. Those who collect the most, are paying the least percentage of income. They should be paying the highest percentage of income. Period. They want to live off the government? Great! Let them! They just won't have a dime left for themselves, and will still have to work a job they hate.

      So how would that ever create wealth?

      Freedom creates wealth. You do not.

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