S&P: Tax rich to stabilize U.S. rating

[loco]

http://money.cnn.com/video/news/2011/08/08/n_sandp_usa_aaa_downgrade.cnnmoney/?source=cnn_bin&hpt=hp_bn3

Is the S&P downgrade just a facade to try to force a political agenda?

[Soul Crusher]

They also said they downgraded us because the cuts are a joke and not lilely to be implemented. 

[GigantorX]

I'm confused, we have a deficit of 1.5 trillion, per the CBO letting the Bush Tax Cuts on the upper income levels expire would net 70 billion in confiscated dollars.

So, how would anything less than a 750-1 Trillion dollar hike do anything to stabilize anything?

How high would taxes need to go?

1 dollar collected in taxes is 1 dollar taken out of the general economy.

[Soul Crusher]

I'm confused, we have a deficit of 1.5 trillion, per the CBO letting the Bush Tax Cuts on the upper income levels expire would net 70 billion in confiscated dollars.

So, how would anything less than a 750-1 Trillion dollar hike do anything to stabilize anything?

How high would taxes need to go?

1 dollar collected in taxes is 1 dollar taken out of the general economy.

Again - basic math is racist and extreme.
 

[MM2K]

I wonder how much you would get if you raised taxes on the bottom 50% who right now dont pay ANY federal income tax - say by 1%.

[Emmortal]

http://blogs.dailymail.com/donsurber/archives/39534

[GigantorX]

I wonder how much you would get if you raised taxes on the bottom 50% who right now dont pay ANY federal income tax - say by 1%.

You don't have to raise income taxes on them, you would just need them to actually pay something in income taxes....you know, pay their fair share.

[dario73]

Impossible to do with the fear mongering, class warfare inciting democrats still in control of the Senate and White House.

[loco]

http://blogs.dailymail.com/donsurber/archives/39534

Good post!  

"A report from the Internal Revenue Service found that the rich — 8,274 people with incomes of $10 million per year or more — earned a total of $240 billion in 2009.

Even of you confiscated every dime they earned, you would barely have enough money to cover government spending for 24 days.

Of course, about a quarter of that money already goes to the federal government for federal income. So make that 18 days."