Sixteen pieces of legislation. All of them passed by the US House of Representatives and waiting for action in the Democrat-controlled Senate. All of them associated with economic and job growth here in the United States.
Every one of them await action by the Democrats and Sen. Harry Reid (D-Nev.). So when someone claims the Republicans don’t have a jobs plan – when they clearly do have a plan – why not take a few minutes for a teachable moment? Maybe you have not heard about these sixteen pieces of legislation because the mainstream liberal-loving media don’t want you to know about them and all you watch is the mainstream liberal-loving media?
The sixteen pieces of legislation includes a budget, which the Senate has refused to even think about in years.
With my back-of-the-napkin calculator here, I figure the top 1 percent of wage earners have an adjusted gross income of more than $500,000. That’s the line in the sand, make $500k or more and you’re in the top 1 percent. You know, the one-percenters targeted by the 99-percenters.
About 723,000 individuals and families filed tax returns for the 2009 year who had earnings of more than $500k. They contributed $258 billion, or 29.7 percent of the total income tax collected. Their final federal tax rate averages 28.6 percent, almost one-third of their income to the federal government.
How much more do you want the 1 percent to contribute? It’s a serious question, and if you think they are not paying enough, I encourage you to come up with a number and do the math.
Let’s say we increase the income tax burden by 10 percent. I’m not talking about increasing the marginal tax rate by 10 percent for the highest bracket, I’m talking about a increase totaling 10 percent of what they paid in 2009, from 28.6 percent to 38.6 percent
If that plan were to happen – using 2009 numbers – that would be an additional $91 billion headed to the federal treasury. I’m not sure if that would satisfy the Camp Alinsky Crowd, but I do know it’s a socialist’s dream to get this type of increase.
If we’re spending $3.5 trillion – a conservative estimate just at the federal level – that’s about $13.8 billion every business day. With that extra cash, the federal government would be able to operate two business weeks.
In reality, there is no way in hell you’re going to get an extra 10 percent out of the 1 percent crowd, no friggin’ way. I really think the best estimate would be to increase the marginal rate on the highest income bracket from 35 percent to 38 percent. Maybe those numbers would quiet the protestors … but I doubt it, they want it all.
That 3 percent increase in the marginal rate would bring in an extra $19 billion per year, not enough to operate the federal government for two business days.
For every dime the federal government brings in (in total), they have been spending 13.5 cents. We have a spending problem people, and those fortunate to be burdened with a 35 percent top marginal tax bracket don’t have as much money as you think. Even if we did collect that $19 billion, do you realize the federal government’s growth has been about $175 billion each year for the past couple of years? And they are claiming they are cutting spending!