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Reply #22


Response to mostlyconfused (Reply #21)

Tue Dec 18, 2012, 10:01 PM

22. Ahem, but Bull Hockey

According to the President, eliminating the Bush tax cut (4% increase) will raise 700 billion in revenues in 10 years (http://www.cbsnews.com/8301-18560_162-7032813.html).

Which means a 40% increase on the top tax rate to a rate similar to the pre-Reagan rate of 79.6% would yield 7 trillion in 10 years.

A 58% increase to 94% (the rate the Greatest Generation thought was best) would yield over 10 trillion dollars over the next 10 years.

So a deficit of 1.3 trillion would be gone in a little over a year and our DEBT would be gone in under 10 years (as we pay it down).

Simple! Done and done - and we haven't increased the 15% tax on investment income, STET tax, tariffs, inheritance, or closed corporate welfare loopholes yet.

2010 Y1: 14T - 3T (2T normal revenues plus additional 1T from tax on ultra-rich) = 11T debt
2011 Y2: 11T(debt) + 1T(deficit) - 3T = 9T debt
2012 Y3: 9T(debt) + 600B(deficit) - 3T = 6.6T debt
2013 Y4: 6.6T(debt) + 700T(deficit) - 3T = 4.3T debt
2014 Y4: 4.3T(debt) + 800T(deficit) - 3T = 2.1T debt
2015 Y5: 2.1T(debt) + 800T(deficit) - 3T = .1T debt
2016 Y6: .1T(debt) + 900T(deficit) - 3T = +2 Trillion SURPLUS!!!

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democrattotheend Dec 2012 OP
PoliticAverse Dec 2012 #1
democrattotheend Dec 2012 #6
freshwest Dec 2012 #2
John2 Dec 2012 #3
Myrina Dec 2012 #4
Dustlawyer Dec 2012 #5
grahamhgreen Dec 2012 #7
mostlyconfused Dec 2012 #12
grahamhgreen Dec 2012 #13
mostlyconfused Dec 2012 #14
grahamhgreen Dec 2012 #17
mostlyconfused Dec 2012 #15
grahamhgreen Dec 2012 #18
dkf Dec 2012 #26
grahamhgreen Dec 2012 #29
dkf Dec 2012 #34
plethoro Dec 2012 #8
JDPriestly Dec 2012 #9
olddad56 Dec 2012 #10
humbled_opinion Dec 2012 #11
mostlyconfused Dec 2012 #16
Redfairen Dec 2012 #19
grahamhgreen Dec 2012 #20
mostlyconfused Dec 2012 #21
LineLineLineReply Ahem, but Bull Hockey
grahamhgreen Dec 2012 #22
democrattotheend Dec 2012 #23
grahamhgreen Dec 2012 #24
mostlyconfused Dec 2012 #25
mostlyconfused Dec 2012 #27
mostlyconfused Dec 2012 #28
grahamhgreen Dec 2012 #30
mostlyconfused Dec 2012 #31
grahamhgreen Dec 2012 #32
mostlyconfused Dec 2012 #33
wordpix Dec 2012 #35
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