Yes, Mr. President, you are wrong.

Posted July 17th, 2011 by Jim Ettwein

The President keeps saying that we should tax those who are millionaires, and above, in order to get rid of the deficit. Many think that if you’re a millionaire you could be taxed this way, which would solve the problem.

But, being a millionaire only means that you have a million dollars or more. You can’t be taxed on what you already have (you paid taxes on it when you got it).

You can only be taxed on what you earn in a given tax year.

Therefore, those advocating that millionaires pay their fair share MUST mean those earning a million dollars or more a year. This is a MUCH smaller number than the number of millionaires, understandably.

So, I looked it up on President Obama’s own .gov website: www.socialsecurity.gov and discovered that only 39,938 people earn a million dollars a year. If they earned exactly a million, and we taxed them at 100%, we’d collect just under $40 billion. Not even close.

In order to get closer, we could take everyone who earns a million dollars or more in a year. That would be about 75,000 people. If we taxed them all a million dollars, we’d collect about $75 billion in taxes. Still not close.

In fact, it’d be less than 1% (actually 0.3%) of the $14 trillion deficit.

So, let’s stop blaming the rich. Let’s move on and reduce spending. That’s where the real problem is. rr

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