Some quick facts re:Persoal Income Tax and the Federal Budget

[ZeroPointMachine]

The President's budget for 2007 totals $2.8 trillion.

Receipts totaled $1.1 trillion from personal income tax

Without the $1.1 trillion dollars in personal income tax federal government would be have to reduce it's budget to $1.8 trillion. At least $100 billion would be gained from increased spending.

The federal budget in 2000 was $1.8 trillion.

I know the idea of returning to the Dark Ages of the year 2000 probably scares alot of people, but it is far from impossible.

ZPM

[TomCollins]

But how do we punish the rich people?

[GoodCallYouWin]

"Does anyone seriously believe we cannot return to the spending levels of 2001?"

- Ron Paul

[tehox]

[ QUOTE ]
But how do we punish the rich people?

[/ QUOTE ]

It has nothing to do with punishing rich people and you know it.

[TomCollins]

[ QUOTE ]
[ QUOTE ]
But how do we punish the rich people?

[/ QUOTE ]

It has nothing to do with punishing rich people and you know it.

[/ QUOTE ]

It absolutely does in terms of intent (although the results end up with a ton of loopholes where the super rich can avoid many taxes that the not-quite-as-wealthy cannot afford to investigate/setup).

[AWoodside]

So the federal budget has grown by a trillion dollars since 2000? Damn... we're doomed.

[bills217]

[ QUOTE ]
The President's budget for 2007 totals $2.8 trillion.

Receipts totaled $1.1 trillion from personal income tax

Without the $1.1 trillion dollars in personal income tax federal government would be have to reduce it's budget to $1.8 trillion. At least $100 billion would be gained from increased spending.

The federal budget in 2000 was $1.8 trillion.

I know the idea of returning to the Dark Ages of the year 2000 probably scares alot of people, but it is far from impossible.

ZPM

[/ QUOTE ]

But can't you see how much poverty the US Gov't has been able to alleviate since then?

[GoodCallYouWin]

Guys, they're just a few trillion short of solving everything. Please chip in.

[tehox]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
But how do we punish the rich people?

[/ QUOTE ]

It has nothing to do with punishing rich people and you know it.

[/ QUOTE ]

It absolutely does in terms of intent (although the results end up with a ton of loopholes where the super rich can avoid many taxes that the not-quite-as-wealthy cannot afford to investigate/setup).

[/ QUOTE ]

I don't agree that the intent of progressive taxation is to punish rich people. The intent is to pay for the goverment, and some think progressive taxation is the fairest/best way to do this.

[GoodCallYouWin]

It's clearly not the fairest way (fairest would be the fair tax duh, it's in the name) and best is a value term, ergo worthless (or alternatively, depends entirely on your perspective).