What is the Dems Plan?

Last weekend, CongressCritter Steve Cohen was interviewed by Neil Cavuto and 1) disputed the fact that according to the Congressional Joint Committee on Taxation, over 1/2 of Americans don't pay Federal Income Taxes and 2) that even if that were true, these 50% of Americans shouldn't pay any because they are poor and can't afford it like the "rich".

Apparently, I wasn't the only taxpayer that took note of Mr. Cohen's answer and he too wants to hear Mr. Cohen's plan for how he would reduced the deficit.
From the Commercial Appeal

Kudos to U.S. Rep. Steve Cohen for his candor regarding the fairness of the tax code. When confronted by Neil Cavuto with facts showing that the rich already pay most of the taxes while half of Americans pay no income tax at all, Cohen acknowledged that fairness is not the real issue. Comparing the federal government to "bank robbers," Cohen explained that the real reason the rich are targeted is because "that's where the money is."

What Cohen fails to mention, however, is the fact that taxing only the rich will not raise enough revenue to solve our nation's debt problem. The balanced approach advocated by the Democrats will require raising taxes on families earning well below $250,000 who do not consider themselves to be rich. I therefore urge Cohen to put forth a specific, detailed deficit reduction plan so that we can see exactly whose taxes he plans to raise and by how much.

Brian Teepe

Cordova

In the comments, one supporter of Mr. Cohen offered up this summary of Mr. Cohen's plan.
cpcobb writes:

"Congressman Steve Cohen supports President Obama's plan for reducing the federal deficit. In a city where so many citizens are dependent upon social security, medicare, and medicaid, Congressman Cohen has said he does not want these benefits reduced, so he is in favor of reduced defense spending, closing corporate tax loopholes, and raising taxes on those whose income is $250,000 and more -- that is, Obama's plan. Congressman Cohen is championing the Memphis Aerotropolis, a long-term development plan to boost Memphis business. Personally, I would like to see corporate tax loopholes closed but at the same time have the corporate capital gains tax rate reduced to promote business development. All things considered, Congressman Steve Cohen is the best person to represent the best interests of all Memphis citizens in the federal government."

My answer to this was:

"Actually BO/BS doesn’t have a plan. He never put one down on paper.

1) SS, M/C, and M/D are broke. They have to be restructured if anybody is going to be benefiting from them in the near future.

2) BO/BS's idea to close the "loophole" for corporate jet owners would only put $3 Billion into the treasury over the next decade according to Bloomberg.

3) You could eliminate Defense spending ~which is the main job of the federal government~ and still only reduce the deficit by 1/3.

4) The rich don't earn enough to cover what Congress spends each year.
From 2009 per the IRS:

AGI over $200K = $1,964.3 B Taxes paid = $434.3 B
AGI under $200K = $5,861.1 B Taxes paid = $431.6 B
Individual Income Taxes paid in 2009 = $865.9 Billion.

You could confiscate all incomes over $200K and NOT cover DemonRat Congressional Spending.

You could double all individual income taxes and NOT cover DemonRat Congressional Spending.

The problem is spending, pure and simple. We send enough $$ to politicians in D.C.
The National Debt has increased by $4.8 Trillion since Mr. Cohen was elected to Congress in 2006. His plan is to continue to buy votes by spending taxpayers money. Taxpayers can’t afford him anymore."

Another commenter ~New Guy~ took issue with my facts from the IRS about how much the rich could pay with this comment:

"this statement is factually incorrect in composition statistics intended to be misleading. As reported quite widely in news (including Fox) the return of rates to 2001 levels for 200k/250k people would raise $70B alone. That is a 3%-4.5% increase in their marginal rate only. I'm not suggesting it be this, but if you raised it 70%, it would be well over the deficit all by itself."

To which I replied:

"You must have went to Memphis City Schools and flunked math. $70 Billion does not even touch this year's deficit. The deficit for 2009 was $1,400 Billion; 2010 was $1,300 Billion and it's on track to be $1,600 Billion this year. The Federal government will spend $3,800 Billion this year and borrow $1,645 Billion.
If you taxed those $200K and up at 100%, you would only get $869 Billion."