Saturday, August 6, 2011

Mr. Cohen, What's Balanced about 51% of Americans that pay NO Fed Taxes?

CongressCritter Steve Cohen tries to make the case for "shared sacrifice" and is called on it by Neil Cavuto.

Since Mr. Cohen apparently doesn't know that 51% of Americans don't pay Federal Income taxes, here is the letter from the Congressional Joint Committee on Taxation.
In summary, for tax year 2009, approximately 22% of all tax units, including filers and non filers, will have zero income tax liability, approximately 30% will receive a refundable credit, and approximately 49% will have a positive income tax liability.

Now granted I didn't go to Memphis City Schools, but 100 - 49 = 51.

Here's another little factoid for Mr. Cohen. There aren't enough rich to tax to cover the deficit. From the From the IRS: 8,274 people with incomes of $10 million per year or more — earned a total of $240 billion in 2009. You could confiscate all their income and only run the government for 24 days. Also, individual tax collections totaled $1,175,422,000,000 in 2009. Doubling federal income taxes for everyone would still leave us $400 billion or so shy of balancing the budget.

What budget have you ever balanced, Mr. Cohen?

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