IRS: Taxing ALL Rich People Not Enough to Pay U.S. Deficit
Posted by FactReal on August 11, 2011
|MILLIONAIRES’ INCOME VS. BUDGET DEFICIT
A recent IRS report proved that if government confiscated the entire annual earnings from the so-called rich, it would not provide enough money to pay the annual budget deficit:
● People with annual incomes over $1 million earned a total of $727 billion in 2009.
● People with incomes of $10 million per year or more earned a total of $240 billion in 2009.
The $727 billion from those millionaires would not be enough to cover the 2011 U.S. budget deficit which is estimated to reach $1.5 Trillion. It would not have been enough to cover any of Obama’s deficits which ran up to $1.3 Trillion in 2010 and $1.4 Trillion in 2009.
Here is the 2009 income data according to the IRS:
|The Charleston Daily Mail explained there are not enough “rich” people to cover the deficit:|
|Soak the rich, eh?
They do not have the money.
A report from the Internal Revenue Service found that the rich — 8,274 people with incomes of $10 million per year or more — earned a total of $240 billion in 2009.
Even of you confiscated every dime they earned, you would barely have enough money to cover government spending for 24 days.
Of course, about a quarter of that money already goes to the federal government for federal income. So make that 18 days.
Another 227,000 people earned $1 million or more in 2009.
Millionaires averaged taxes of 24.4% of their income — up from 23.1% in 2008.
They, too, did not earn enough money to come anywhere close to covering the annual deficits that are $1.5 trillion a year.
Barack Obama was the first president to sign a budget with a $1 trillion deficit into law.
- IRS report, http://www.irs.gov/pub/irs-soi/09inalcr.pdf