Obama’s Real Debt Plan: Tax the Middle Class – Ignore the fire alarms


US President Barack Obama gestures for t Just looking at the government’s actions over the past few years, it appears that a strategy of “gorge the beast” is being employed. What’s that, you ask? Well, it’s “spend and borrow so much that the U.S. is forced to raise tax rates to pay for its swollen size.”
What most people don’t realize is that the U.S. has gorged so much (boosting spending from roughly 18% of GDP in 2000 to 24% of GDP today), that the only way to pay for it is to tax the middle class. The president keeps blaming “millionaires and billionaires,” but the top 25% of income earners already pay 86% of total taxes. And even if we raised the 35% top tax rate to 100% (meaning we confiscate all income in that top tax bracket), the U.S. would only collect about $365 billion. This would run the government for only about five weeks and would not solve our debt issues.

Read More: http://patriotupdate.com/10171/obamas-real-debt-plan-tax-the-middle-class

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