(I've edited this for space and flow).
In 1996 we had a $1.6 trillion budget.
In 1999 we had a $1.8, 2000 with President Clinton was $1.9.
Then the first budget of Bush was $2.0, then $2.2, then $2.3, then $2.4, then $2.7, then $2.77, then $2.9.
We are now looking at $3.6 trillion, and that's just what's in the budget.
Now, why don't people care? Well, people don't care because 40% of this nation doesn't pay any income tax. They get money. And remember this $4 trillion budget is going to be paid for with just the wealthiest 2% of Americans. That's who's going to pay for it.
So now the top 2% is going to pay for it and nobody will pay a dime more under $250,000. So let's look at that.
Roughly 3.8 million people filed for income tax that make over $200,000. They don't break it down at $250,000, so the closest number we could get to is $200,000. These people paid $522 billion in income tax. Roughly 62% of everything paid in the United States came from the top 2%. 62% paid for by the top 2 percent? They paid $522 billion in income tax.
The richest 1% paid $408 billion, or 39.9% of all income tax. Now the top marginal rate currently is 35%. So far Barack Obama is saying he's going to raise it to 39.6% plus another 2 percentage points hidden in deduction phaseouts.
But it's never what he says it is. You always have to watch the other hand as well, and the other hand is taking two additional. So you are now at 41.6% of your income. 41.6% of your income goes to the federal government. That's not including all of the other taxes these people pay.
So are you going to be able to pay for this? No, you can not pay for it at 42% of your income if you just do the top 2%, but let's not stop at 42 percent . I mean, 42%, big deal. Look how much they made. What about 70%? What about 80%? No, can't pay for it. What about 90%? No, can't pay for it. "These rich people, they caused this. We should take all of their income." 100% of their income, let's take 100% of their income.
That would be $1.3 trillion in extra revenue. Less than half of the 2006 federal budget of $2.7. Gee, we take all of the top 2% income, all of it and we get $1.3 trillion. If you take every taxable dime from everybody earning anything over $75,000, you still don't make it to $4 trillion.
Now let me ask you this. With businesses going out, with recession, these numbers are from 2006. Remember those good days?
With all of the money that was flowing and all of the money that was happening and everybody was rich and making money and your houses had worth, you just keep taking and taking and taking and taking, do you think that their income is going to be the same next year as it was in 2006? The point is you cannot cover it. You can't cover it. What we are doing is we are asking our children -- no, we're not even asking them. We're not even consulting them. We're not even talking about them. We're now to the point where we don't even care.
Thomas Jefferson said it is a crime to do this, to take from the next generation. Think of your child going in and just getting a tax lien. What we're saying is we want healthcare, we want this stuff, we want to bail out people's mortgages and so when your kid turns 20 or 24, they get out of college and getting their feet on the ground. Wait, let's just hold off until they're 30 and they got their feet on the ground and they're just starting to really save up to buy a house and everything else. Your bill, my bill, now comes knocking at their door and there is a tax lien. We're just taking it out of their paycheck. It's reprehensible and it won't work.
from Glenn Beck
In 1996 we had a $1.6 trillion budget.
In 1999 we had a $1.8, 2000 with President Clinton was $1.9.
Then the first budget of Bush was $2.0, then $2.2, then $2.3, then $2.4, then $2.7, then $2.77, then $2.9.
We are now looking at $3.6 trillion, and that's just what's in the budget.
Now, why don't people care? Well, people don't care because 40% of this nation doesn't pay any income tax. They get money. And remember this $4 trillion budget is going to be paid for with just the wealthiest 2% of Americans. That's who's going to pay for it.
So now the top 2% is going to pay for it and nobody will pay a dime more under $250,000. So let's look at that.
Roughly 3.8 million people filed for income tax that make over $200,000. They don't break it down at $250,000, so the closest number we could get to is $200,000. These people paid $522 billion in income tax. Roughly 62% of everything paid in the United States came from the top 2%. 62% paid for by the top 2 percent? They paid $522 billion in income tax.
The richest 1% paid $408 billion, or 39.9% of all income tax. Now the top marginal rate currently is 35%. So far Barack Obama is saying he's going to raise it to 39.6% plus another 2 percentage points hidden in deduction phaseouts.
But it's never what he says it is. You always have to watch the other hand as well, and the other hand is taking two additional. So you are now at 41.6% of your income. 41.6% of your income goes to the federal government. That's not including all of the other taxes these people pay.
So are you going to be able to pay for this? No, you can not pay for it at 42% of your income if you just do the top 2%, but let's not stop at 42 percent . I mean, 42%, big deal. Look how much they made. What about 70%? What about 80%? No, can't pay for it. What about 90%? No, can't pay for it. "These rich people, they caused this. We should take all of their income." 100% of their income, let's take 100% of their income.
That would be $1.3 trillion in extra revenue. Less than half of the 2006 federal budget of $2.7. Gee, we take all of the top 2% income, all of it and we get $1.3 trillion. If you take every taxable dime from everybody earning anything over $75,000, you still don't make it to $4 trillion.
Now let me ask you this. With businesses going out, with recession, these numbers are from 2006. Remember those good days?
With all of the money that was flowing and all of the money that was happening and everybody was rich and making money and your houses had worth, you just keep taking and taking and taking and taking, do you think that their income is going to be the same next year as it was in 2006? The point is you cannot cover it. You can't cover it. What we are doing is we are asking our children -- no, we're not even asking them. We're not even consulting them. We're not even talking about them. We're now to the point where we don't even care.
Thomas Jefferson said it is a crime to do this, to take from the next generation. Think of your child going in and just getting a tax lien. What we're saying is we want healthcare, we want this stuff, we want to bail out people's mortgages and so when your kid turns 20 or 24, they get out of college and getting their feet on the ground. Wait, let's just hold off until they're 30 and they got their feet on the ground and they're just starting to really save up to buy a house and everything else. Your bill, my bill, now comes knocking at their door and there is a tax lien. We're just taking it out of their paycheck. It's reprehensible and it won't work.
from Glenn Beck
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