{"id":575,"date":"2009-02-26T20:14:31","date_gmt":"2009-02-26T20:14:31","guid":{"rendered":"http:\/\/www.rightwinggranny.com\/?p=575"},"modified":"2009-02-26T20:14:31","modified_gmt":"2009-02-26T20:14:31","slug":"even_taxing_only_the_rich_has","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=575","title":{"rendered":"Even Taxing Only The Rich Has Its Limits"},"content":{"rendered":"<p><a href=\"http:\/\/www.powerlineblog.com\/archives\/2009\/02\/022932.php\">Power Line Blog<\/a>&nbsp;has some of the numbers on the budget President Obama submitted to Congress.&nbsp; According to their research:<\/p>\n<p><em>&#8220;Even the most basic inspection of the IRS income tax statistics shows that raising taxes on the salaries, dividends and capital gains of those making more than $250,000 can&#8217;t possibly raise enough revenue to fund Mr. Obama&#8217;s new spending ambitions.<\/em><\/p>\n<p><em>Consider the IRS data for 2006, the most recent year that such tax data are available and a good year for the economy and &#8220;the wealthiest 2%.&#8221; Roughly 3.8 million filers had adjusted gross incomes above $200,000 in 2006. (That&#8217;s about 7% of all returns; the data aren&#8217;t broken down at the $250,000 point.) These people paid about $522 billion in income taxes, or roughly 62% of all federal individual income receipts. The richest 1% &#8212; about 1.65 million filers making above $388,806 &#8212; paid some $408 billion, or 39.9% of all income tax revenues, while earning about 22% of all reported U.S. income.&#8221;<\/em><\/p>\n<p>This budget is not workable, but I don&#8217;t believe it can be stopped.&nbsp; The current income tax system is not fair, and what President Obama plans to do will only make it more unfair.&nbsp; At some point, the people generating wealth are going to resent giving it to people who are not working, and we will have another Boston Tea Party.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Power Line Blog&nbsp;has some of the numbers on the budget President Obama submitted to Congress.&nbsp; According to their research: &#8220;Even the most basic inspection of the IRS income tax statistics shows that raising taxes on the salaries, dividends and capital &hellip; <a href=\"https:\/\/www.rightwinggranny.com\/?p=575\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-575","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/575","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=575"}],"version-history":[{"count":0,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/575\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}