Thursday, November 15, 2012

$22 billion down, trillion to go

Powerline does the math because President Obama can't.
Raising taxes on people earning above $250,000 might raise a little money - but not much compared to the expected deficit.
The Joint Committee on Taxation has done the math. Raising the top two rates as proposed by Obama would increase revenue by $22.35 billion in FY 2013, assuming that no economic activity is deterred by the higher rates. Which means that higher taxes on the rich, Obama’s only proposal to deal with the nation’s impending fiscal calamity, would cover around 2% of the current federal budget deficit, and would make no contribution at all toward dealing with our $16 trillion debt. So, Barry, what’s your plan for the other 98%? And, hey, how about that debt?

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