How much will taxes have to go up for the top 5% of income earners under Obama?

Question

He has to cover his proposed $600 billion in new spending.

He claims he will close the budget deficit estimated to be $482 billion for fiscal year 2009.

He has promised tax cuts for the remaining 95% of tax payers.

I keep trying to run the numbers but I'm not convinced that the top 5% can cover all of this, where will the rest of the money come from?

Any insight will be appreciated.

Answer 1

He will not be the one who actually makes the change but will kiss the right butts to get taxes raised on the backs of people who actually work for living. The rich will continue to get rich with his help just like politics as usual. People are stupid to think Obama will make any changes to the political machine in Washington. Granted he speaks very well, but talk is cheap! It will be business as usual except for more social programs paid for by the working poor and the working middle class.

Answer 2

lets see, he could start by not pissing trillions away in iraq.

too dumb to do the math? who created the national debt- mostly reagan and bush. a little math by republicans would be a nice thing.

Answer 3

Same place the money always comes from whenever Democrats need new taxes to cover pet projects.

The middle class.

One way or another, the middle class will always end up shouldering the tax increases. Either we're taxed directly (as it was under Clinton), or we're taxed indirectly by the businesses we shop at or work at charging more or laying off people/giving less pay raises (which are owned by the "rich").

And to JW.C - if you were being taxed at a rate of 45%, how long would you keep working in this country? I know if the government was taking almost half of my annual income, I'd sure try to find someplace else to live with a lower tax rate. And I'm sure many of the "rich" are considering just that. And when they're taxed out of this country...who will the Democrats tax next?

Answer 4

It will mean that McCain will have to give up one or maybe two of his mansions. But so what, he does not even know how many he has.

National debt is in the trillions, national infrastructure is crumbling, inflation is running rampant and your worried about multibillionaires having to pay a few hundred more thousand in taxes?

Answer 5

The top bracket will go up to 45%

Answer 6

The first thing will be to stop pissing away money in Iraq.

Answer 7

I am not sure but I don't think it is fair that the top 1% of the nation already pays 40% of all taxes while only making 20% of the income, I can't wit to see a liberal come up with a good answer to this question

Answer 8

I'm sure the stated numbers are approximate at this point, and rest assured there is some hype. But since the top 10% earn about 30% of total US income, taxing them just a little more will achieve the stated goals.

Answer 9

I'm sorry, but you were supposed to ignore this reality. Most Obama supporters have or are just too dumb to do the math.

Answer 10

It'll go up, but they'll still be able to live for 400 years without having to lift a finger.

Answer 11

That's the point, he hasn't throughly researched.

He can't tax the top 5% of income earners only.

It won't work.

He intends ALSO to carry out Socialized Healthcare, which would impose even heavier taxes, that would eliminate the roughly 1.8 trillion dollars that the private sector pays for healthcare wise.

He puts as much research into what he does as a 3rd grader does.

Answer 12

$10Billion/month to the conflicts in Iraq / Afghanistan.  Although those numbers won't go to zero, they should be significantly reduced.

Also, a point on a deficit, you can't eliminate 100% of a deficit in one year.  it is a yearly process.  So, over time, the deficit (at least Mr Obama prediction of it) will be driven to $0

Answer 13

Very little.  Their proctologists will advise them to move their a$$e$ to another country where the taxes are lower.  Then we can import their products.

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I'm voting for Bob Barr, the Libertarian candidate.

Democrats offer welfare

Republicans offer warfare

Democrats offer higher taxes

Republicans offer deficit spending

Libertarians offer none of the above

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