Domestic Policy

Debt and Deficit VASTLY greater than Wealth of the “Greedy”

One of the greatest fallacies of the Left comes from a breathtaking misunderstanding of the scale of the spending and debt that we’re currently in. It really is amazing.

In debating with the Occupy Wall Street filthy hippies about fiscal policy, the issue of taxing the rich keeps coming up, as if it is some kind of panacea that will solve all our problems.

There’s just one issue – even if we voraciously DEVOURED ALL THE WEALTH of the rich, we’d STILL be in incredible debt.

This section from a great infographic I found details just what would happen if the much famed Buffet Rule were instituted:

Thanks to the folks at TurboTax for putting this out – if you want to see the entire infographic, click on the image.

So the next time you hear someone whine about taxing the rich, let them know if we took ALL the wealth of those making above $10 million dollars a year, we’d reduce the annual deficit by 12%, or the debt by 2%. And that’s just ONE year – after we bankrupt the rich, why would they continue to work the next year?

Taxing is not the answer when we spend at such incredible rates, especially if one considers how taxing the wealthy might adversely affect the economy…