April 12, 2012
President Obama seems to intent on the “rich paying their fair share”. He seems to think this is going to fix the deficit problem. I have long said that the problem is spending, not revenue. Rick Santelli does some interesting math here. Based on various sources the number of tax filers that made over $1 million in 2010 was anywhere from 22,000 to 225,000. Santelli proposes the drastic measure of taxing each one of those filers by $1 million. Guess what? That is only going to bring in revenues of $22-$225 billion. Our deficit for the first 6 months of this year alone was almost $800 million. So on an annualized basis using a best case scenario (for Obama) of taxing $1 million from 225,000 people, it would only cover 1/8 ($200 billion/$1.6 Trillion) of the deficit.