One of the blogs at the Daily Mail posted an article on Friday about taxing the rich. If you have listened to any Democrat say anything in the past week you have probably heard the words millionaires and billionaires, corporate jets, rich corporations, people who prospered in recent years, etc. That is is called class envy. It's supposed to make you and I want to sock it to anyone who makes more money than we do. I fell for it once in the late 1980's or early 1990's. I thought it would be a good idea to put a small tax on luxury items because the rich could afford it. I then watched the unemployment rate rise because the people manufacturing and building the luxury items lost their jobs because the rich decided not to buy luxury items quite so frequently. Then the people in the service industries began losing their jobs because the people who made luxury items didn't have the money to pay for the services offered by the service industries. People went out to dinner less, traveled less, etc. Then I watched the Democrats who had brokered the tax compromise with George H. W. Bush use the compromise against him in the election. That experience was part of my becoming a conservative.
Anyway, back to the Daily Mail. Don Surber who wrote the article did some basic math. He points out:
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.
The article concludes:
Individual tax collections totaled $1,175,422,000,000 in 2009 -- or 15.4% of all income.
Doubling federal income taxes for everyone would still leave us $400 billion or so shy of balancing the budget.
The true discussion here is the role and size of the government. Traditionally, government spending has been about 18 to 20 percent of the Gross Domestic Product (GDP). Even when you raise taxes, revenues are about 18 percent of GDP. It should be obvious that if we continue to spend more than 18 percent of the GDP, our debt will grow.
This is where we have been and where we are going. I think it is time to turn around.
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