Rand Paul on Anthony Napolitano’s show on the Fox Business Network describes the “movement” as more of a “Paris mob”, and Obama’s words on Thursday as possibly “inflaming the public”.
Interesting, this movement’s “list of demands” when read are nothing but irrational and unrealistic rantings. A trillion dollars here, a trillion dollars there, no big deal, 1% of the US population can afford all that, surely?
Actually, no. You could tax the rich at 100%, take all their property and belongings, and maybe cover most of one year’s government spending, but what about next year? After that?
Walter Williams writes;
This year, Congress will spend $3.7 trillion dollars. That turns out to be about $10 billion per day. Can we prey upon the rich to cough up the money? According to IRS statistics, roughly 2 percent of U.S. households have an income of $250,000 and above. By the way, $250,000 per year hardly qualifies one as being rich. It’s not even yacht and Learjet money. All told, households earning $250,000 and above account for 25 percent, or $1.97 trillion, of the nearly $8 trillion of total household income. If Congress imposed a 100 percent tax, taking all earnings above $250,000 per year, it would yield the princely sum of $1.4 trillion. That would keep the government running for 141 days, but there’s a problem because there are 224 more days left in the year.
How about corporate profits to fill the gap? Fortune 500 companies earn nearly $400 billion in profits. Since leftists think profits are little less than theft and greed, Congress might confiscate these ill-gotten gains so that they can be returned to their rightful owners. Taking corporate profits would keep the government running for another 40 days, but that along with confiscating all income above $250,000 would only get us to the end of June. Congress must search elsewhere.
Read the rest by Williams.
Then for a few examples of who these so-called “99%ers” really are, see Lori’s post at Human Events. Funny stuff, if these people weren’t serious.
- Rand Paul: Obama’s Rhetoric Could Turn ‘Occupy Wall Street’ Violent (gunnyg.wordpress.com)