Friday, August 10, 2012

Houston: We Have A (Spending) Problem

From IowaHawk, to collect enough revenue to fund our projected $3.9 Trillion Federal budget (works out to be about 11 Billion per day) without borrowing money, you would have to do ALL of the following plus more:

  1. Confiscate ALL of the corporate profits for the 500 top corporations in the S&P 500 at 100% tax rate ($357 Billion)
  2. Confiscate 100% of the combined salaries of all players in the NFL, Major League Baseball, the NBA and the NHL, the PGA tour and NASCAR would give you $9.4 Billion or 1 day of government spending!
  3. Confiscate ALL of the income over $250,000 of the people making over $250,000 per year would yield only $1.412 Trillion.  (Taking all of the income of people earning over $250k would yield 1.97 Trillion----for one time only because most of that income would "go away" at 100% tax rate)
  4. End all foreign wars for $264 Billion in savings (but you'd have to do this each year, since the Federal Gov't will want to spend MORE than $3.9 Trillion next year---there's NEVER a real budget cut in Washington in the sense that spending actually declines.)
  5. Evict all of the people in Beverly Hills and sell their homes would buy just 3 days of Federal Spending or $30 Billion
  6. Kill all of the billionaires in the US (400 of them) and tax their estates at 50% would give a one time revenue of $700 Billion.  This includes Warren Buffett and Bill Gates.
  7. Confiscate all of the Revenue of the Star Wars series including merchandise, films, etc.for $25 Billion
  8. Kill all of the near-billionaires (about 100) and tax their estates for another $730 Billion
  9. Another $50 billion savings in budget cuts that Conservatives have been clamoring for.  
The total of the above doesn't cover our Federal budget!  All of the above totals only $3550 Billion.  We're still $450 Billion short.   

Let's see, do we have a taxation problem or a spending problem?  

A number of the items above are one-time events and the revenue required will have to be made-up the following year by confiscation of someone else's property.  

From Michael Synder:

For the past four decades, the United States has been enjoying a 15 trillion dollar party. All of this borrowed money has enabled us to live far, far beyond our means.

If our politicians voted to severely cut spending or to raise taxes dramatically at this point, our economy would suddenly readjust to a more realistic standard of living. But that would be extremely painful and most Americans voters would be absolutely furious. They would demand that someone “fix” the economy immediately. But the truth is that what we have been enjoying all these years has not been real. It has been bought with trillions of dollars stolen from future generations. But most of our politicians just want to keep the party rolling as long as humanly possible so that they can keep getting voted back into office.

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