10 July 2011

Just a few #BudgetTruths to consider

There is an old saying that holds "you're entitled to your own opinion, but not your own facts." Here are a few facts:

  • The top quintile of income in the United States starts at $88,000 of household income. If you make that much money (I'm looking at you, Schoolteacher married to a Cop,) you are not "middle class." You're "the rich." You make more that 80% of American households. So be really careful about supporting "taxing the rich."
  • Even if you assume higher rates do not affect behavior or earnings, consider this (I'm looking at you, Mr. President): you can take away 100% of all income over $250,000 in this country and not make the slightest dent in the nation's fiscal crisis.
  • There is no budget to balance. The Congress of the United States has not passed a budget in more than two years (I'm looking at you Democrat majorities,) yet has spent in excess of 7 trillion dollars in that time.
  • Standing athwart reform of Social Security and Medicare is the only political stance guaranteed not to save those programs, but to doom them.
  • Corporations do not pay taxes, they collect them. Businesses don't pass "some" of their costs on - they always and without exception pass on 100% of every cost, plus a margin, or they go out of business. That isn't semantics - it's math.
  • In the last three years, Federal spending has skyrocketed by almost 30%. There is not a tax problem.
Feel free to play this game at home kids.

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