{"id":12909,"date":"2012-03-21T14:39:47","date_gmt":"2012-03-21T18:39:47","guid":{"rendered":"http:\/\/www.rightwinggranny.com\/?p=12909"},"modified":"2012-03-21T14:40:03","modified_gmt":"2012-03-21T18:40:03","slug":"how-much-do-you-actually-gain-from-soaking-the-rich","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=12909","title":{"rendered":"How Much Do You Actually Gain From Soaking The Rich ?"},"content":{"rendered":"<p><a href=\"http:\/\/radio.foxnews.com\/2012\/01\/24\/video-why-obama-would-raise-the-capital-gains-tax-fairness\/\">Fox News<\/a>\u00a0has a video posted showing President Obama stating in April of 2008 that, despite evidence it doesn&#8217;t increase revenue, he\u2019d raise the capital gains tax on America\u2019s richest Americans. Then-candidate Obama used one of his favorite words by saying it would be the \u201cfair\u201d thing to do! So it&#8217;s not really about revenue&#8211;it&#8217;s about redistributing wealth&#8211;taking money away from people who have earned it and giving it to people who have not earned it. How does that make our society better?<\/p>\n<p>Then there was the &#8216;Buffett Rule&#8217;&#8211;the idea of taxing the rich just because we can. President Obama has repeatedly stated that putting a surtax on\u00a0millionaires would balance the federal budget and restore \u201cfairness\u201d to the tax system.\u00a0\u00a0Yesterday <a href=\"http:\/\/hotair.com\/archives\/2012\/03\/20\/buffett-rule-would-bring-in-less-than-3-billion-a-year-in-revenue\/\">Hot Air<\/a>\u00a0ran the numbers on the Buffett Rule to see what the result would be of imposing higher taxes on millionaires.<\/p>\n<p>The article reports:<\/p>\n<p style=\"padding-left: 30px;\"><strong>A bill designed to enact\u00a0President Barack Obama\u2019s plan for a \u201cBuffett rule\u201d tax on people earning more than $1 million a year would rake in just $31 billion over the next 11 years, according to an estimate by\u00a0Congress\u2019 official\u00a0tax analysts obtained by The Associated Press. That would be a drop in the bucket of the over $7 trillion in\u00a0federal budget deficits\u00a0projected during that period.<\/strong><\/p>\n<p style=\"padding-left: 30px;\"><strong>Just to put this in perspective, here are Obama\u2019s budget-projection deficits for the next four years, from <a href=\"http:\/\/cbo.gov\/sites\/default\/files\/cbofiles\/attachments\/03-16-APB1.pdf\" target=\"_blank\">the CBO<\/a> using Obama\u2019s rose-colored glasses economic scenarios:<\/strong><\/p>\n<ul style=\"padding-left: 30px;\">\n<li><strong>FY 2012 (current year) \u2013 $1.3 trillion<\/strong><\/li>\n<li><strong>FY 2013 \u2013 $977 billion<\/strong><\/li>\n<li><strong>FY 2014 \u2013 $702 billion<\/strong><\/li>\n<li><strong>FY 2015 \u2013 $539 billion<\/strong><\/li>\n<li><strong>FY 2016 \u2013 $529 billion<\/strong><\/li>\n<\/ul>\n<p style=\"padding-left: 30px;\"><strong>That $3 billion per year amounts to:<\/strong><\/p>\n<ul style=\"padding-left: 30px;\">\n<li><strong>0.23% of the FY2012 deficit<\/strong><\/li>\n<li><strong>0.31% of the FY2013 deficit<\/strong><\/li>\n<li><strong>0.43% of the FY2014 deficit<\/strong><\/li>\n<li><strong>0.56% of the FY2015 deficit<\/strong><\/li>\n<li><strong>0.57% of the FY2016 deficit<\/strong><\/li>\n<\/ul>\n<p>This is not about raising revenue. This is about punishing those of us who are successful. That is not the recipe for a thriving economy.<\/p>\n<p><strong><\/strong>\u00a0<\/p>\n<div class=\"zemanta-pixie\" style=\"margin-top: 10px; height: 15px;\"><a class=\"zemanta-pixie-a\" title=\"Enhanced by Zemanta\" href=\"http:\/\/www.zemanta.com\/\"><img decoding=\"async\" class=\"zemanta-pixie-img\" style=\"float: right; border-style: none;\" src=\"http:\/\/img.zemanta.com\/zemified_e.png?x-id=4da5139f-0230-44df-8df1-6b5e696a4bcf\" alt=\"Enhanced by Zemanta\" \/><\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Fox News\u00a0has a video posted showing President Obama stating in April of 2008 that, despite evidence it doesn&#8217;t increase revenue, he\u2019d raise the capital gains tax on America\u2019s richest Americans. Then-candidate Obama used one of his favorite words by saying &hellip; <a href=\"https:\/\/www.rightwinggranny.com\/?p=12909\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[322,97,1948,2485,2484,562],"class_list":["post-12909","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-associated-press","tag-barack-obama","tag-buffett-rule","tag-fairness-in-us-tax-code","tag-government-budget-deficit","tag-obama"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/12909","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12909"}],"version-history":[{"count":2,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/12909\/revisions"}],"predecessor-version":[{"id":12912,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/12909\/revisions\/12912"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}