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Fiscal Cliff Notes: Part II

Derek85 Wrote: Dec 05, 2012 7:05 PM
The Total Amount of Income Tax collected from EVERYONE, top to bottom is only $865 billion (IRS.net - 2009 last year available). Obama's Annual Deficits are running $1.35 Trillion. If we told EVERYONE to DOUBLE their taxes, it would not be nearly enough. The Total Taxable Income for everyone who made over $200,000 is 1.6 Trillion and they paid $434 Billion in Income tax, leaving only a $1,16 billion balance to cover Obama's $1.35 Trillion deficits. Therefore if they were taxed at 100% it would NOT BE NEARLY ENOUGH.

Editor's Note: This column is part II in a series. Part I can be found here.

One of the big advantages that President Obama has, as he plays "chicken" with the Congressional Republicans along the "fiscal cliff," is that Obama is a master of the plausible lie, which will never be exposed by the mainstream media-- nor, apparently, by the Republicans.

A key lie that has been repeated over and over, largely unanswered, is that President Bush's "tax cuts for the rich" cost the government so much lost tax revenue that this added to the budget deficit-- so...