HomeUploadUpload DirectHotlinkRandomAbouttheme toggle
Expand

Why Aren't The Rich Paying 50% in Taxes?

Views:894
@ReasonVids

Tax Day (April 18) is fast approaching, which means anxiety and night sweats for about 99 percent of taxpayers.

And bitching and moaning by those at the top of the income pyramid about how they aren't forced to pay more in taxes. Secretary of State and cattle-futures queen Hillary Clinton, super-investor Warren Buffett, and best-selling author Stephen King have all recently carped about how rich folks like them should be paying more in taxes. King recently told a Florida rally, "As a rich person, I'm paying 28 percent in taxes. What I want to ask you is, Why am I not paying 50?"

Such rhetorical questions miss the point when it comes to the country's balance sheet. The U.S. doesn't have a revenue problem or a tax-rate problem. We've got a spending problem. Since 1950, revenue from all sources has averaged around 18 percent of Gross Domestic Product, despite top tax rates that have fluctuated from over 90 percent to the high 20-percent range. So despite all efforts to jack up revenue (or reduce it), that's what the government can expect to work with. Yet spending has averaged about 20 percent of GDP - and is currently at a whopping 25 percent of GDP, a figure not seen since World War II. President Obama's budget plan forecasts spending at 23 percent of GDP over the next decade while Rep. Paul Ryan's GOP plan calls for 20.5 percent. There's your deficit right there, folks.

But King, Clinton, and Buffett can always pay more in taxes to retire federal debt held by the public. Just go to http://treasurydirect.gov and make a voluntary donation to reduce the national debt held by the public. So far in calender 2011, Treasury has pulled in an $125,000! Which means there's only about $8.99 trillion to go.

Written and produced by Meredith Bragg and Nick Gillespie. About 2 minutes.

Go to http://reason.tv for links, downloads, and other videos. Subscribe to our YouTube channel to get automatic notifications when new material goes lives.

reason.tv
,
reason.com
,
reason.org
,
reason magazine
,
reason foundation
,
stephen king
,
hillary clinton
,
warren buffett
,
tax day
,
april 18
,
taxes
,
irs
,
treasury direct
,
treasury department
,
national debt
,
federal deficit
,
government spending
,
government shutdown
,
nick gillespie
,
meredith bragg
    Thumbnail for Final Countdown to Government Shutdown!1:36
    Final Countdown to Government Shutdown!
    ReasonVids
    752 views
    Thumbnail for Melissa Chen on Fighting Wokeness at Home and Radicalism Abroad1:04:38
    Melissa Chen on Fighting Wokeness at Home and Radicalism Abroad
    ReasonVids
    820 views
    Thumbnail for Crime and No Punishment | Grunt Speak33:26
    Crime and No Punishment | Grunt Speak
    Terrence Popp
    570 views
    Thumbnail for Based take on artifacts2:31
    Based take on artifacts
    AOUisgay
    630 views
    Thumbnail for Enter Reason Media Awards NOW to Win $16,000!0:30
    Enter Reason Media Awards NOW to Win $16,000!
    ReasonVids
    923 views
    Thumbnail for Every Political Ad Ever1:27
    Every Political Ad Ever
    ReasonVids
    924 views
    Thumbnail for IJ Clients Tell Their Stories About Federal Forfeiture Abuse28:01
    IJ Clients Tell Their Stories About Federal Forfeiture Abuse
    IJvids
    868 views
    Thumbnail for how do you get people to actually listen?1:07
    how do you get people to actually listen?
    bestofupgoat
    393 views
    Thumbnail for Food Truck Owners Fight for Right to Compete in Carolina Beach1:47
    Food Truck Owners Fight for Right to Compete in Carolina Beach
    IJvids
    820 views
    Thumbnail for Turtle makes pattern in the sand 0:09
    Turtle makes pattern in the sand
    bestofupgoat
    72 views
    Thumbnail for "Bob Dylan Is the Shakespeare for Our Time" -Penn Jillette3:13
    "Bob Dylan Is the Shakespeare for Our Time" -Penn Jillette
    ReasonVids
    860 views
    Thumbnail for Gene Epstein: Murray Rothbard's Mixed Legacy6:03
    Gene Epstein: Murray Rothbard's Mixed Legacy
    ReasonVids
    686 views
    Thumbnail for North Carolina Makeup Press Conference10:26
    North Carolina Makeup Press Conference
    IJvids
    895 views
    Thumbnail for Detroit's Tragedy and How to Fix It1:53
    Detroit's Tragedy and How to Fix It
    ReasonVids
    832 views
    Thumbnail for Donald Kushner Will Save Us0:50
    Donald Kushner Will Save Us
    bestofvoatxyz
    641 views
    Thumbnail for Democratic Debate: The Remy Rap1:30
    Democratic Debate: The Remy Rap
    ReasonVids
    941 views
    Thumbnail for Obama Gets Busted on Mythbusters!0:46
    Obama Gets Busted on Mythbusters!
    ReasonVids
    910 views
    Thumbnail for 🔴 Live บรรจงชงข่าว | อดีตรองนายก อบต.ถูกตร.ชุดสืบพาพวกขู่ทำร้าย | 14 พ.ย. 67 | ข่าวเวิร์คพอยท์ 231:32:55
    🔴 Live บรรจงชงข่าว | อดีตรองนายก อบต.ถูกตร.ชุดสืบพาพวกขู่ทำร้าย | 14 พ.ย. 67 | ข่าวเวิร์คพอยท์ 23
    invidious
    161 views
    Thumbnail for Ministry - NWO5:30
    Ministry - NWO
    bestofvoatxyz
    846 views
    Thumbnail for How fast (CPS) can a LEGO camshaft sausage clicking machine achieve? | Letgogo LEGO6:04
    How fast (CPS) can a LEGO camshaft sausage clicking machine achieve? | Letgogo LEGO
    invidious
    274 views
    Thumbnail for Rain Sounds for Sleep. Say Goodbye to Insomnia with Black Screen Rain Sounds | Sounds of Peaceful1:00
    Rain Sounds for Sleep. Say Goodbye to Insomnia with Black Screen Rain Sounds | Sounds of Peaceful
    invidious
    283 views
    Thumbnail for NAUNSYAMI ANG BICAM ANOMALY HEARING PERO TULOY ANG HUNTING SA VLOVGERS! | Third Floor Studio : Your Happy Network!41:20
    NAUNSYAMI ANG BICAM ANOMALY HEARING PERO TULOY ANG HUNTING SA VLOVGERS! | Third Floor Studio : Your Happy Network!
    invidious
    117 views
    Thumbnail for Throwback to the ebaums world days of niggerdom!2:03
    Throwback to the ebaums world days of niggerdom!
    bestofvoatxyz
    581 views
    Thumbnail for Democrat Debt Solutions: Tax the Rich, Spend More Money4:00
    Democrat Debt Solutions: Tax the Rich, Spend More Money
    ReasonVids
    864 views
    Thumbnail for CNN's Second Libertarian Presidential Town Hall Recap3:51
    CNN's Second Libertarian Presidential Town Hall Recap
    ReasonVids
    907 views

points

Permalink
Reply
reason.tv
,
reason.com
,
reason.org
,
reason magazine
,
reason foundation
,
stephen king
,
hillary clinton
,
warren buffett
,
tax day
,
april 18
,
taxes
,
irs
,
treasury direct
,
treasury department
,
national debt
,
federal deficit
,
government spending
,
government shutdown
,
nick gillespie
,
meredith bragg
TOS  •  Add Keywords  •  Donate  •   Analytics  •   DMCA  •   Puzzle