Obama needs 60% of income of all persons and businesses to cover deficit--Rep. Scott

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Everyone knows raising taxes can't come anywhere near solving the problem. Especially with 3 expensive wars.

4/14/11, "Rep. Scott: Taxing Those At $100,000 And Up at 100% Will Not Get Us Out Of This Year’s Deficit," CNS News, Eric Scheiner

“The President tries to tax, to tax our way out of debt. Placing the burden on those earning more than $100,000,“ Rep. Tim Scott (R-S.C.) said on the House floor this morning.

“The problem sir, is a simple one, that if we were to tax these individuals 100 percent of their income we still could not cover our deficit this year alone. As a matter of fact, to tax our way out of debt we would need to increase taxes across the board on every man, on every woman and every business by 60 percent, you simply

• cannot tax your way out of this debt,” Scott said.

During his fiscal address yesterday President Obama expressed his desire to allow Bush-era tax cuts to expire for individuals making $200,000 or more a year and couples making $250,000 or more as part of his plan to reduce the deficit."...

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4/13/11, "The President's Budget Address and the Reality of Taxing the 'Rich'," American Thinker, Steve McCann

"In 2008 the highest marginal tax rate of 35% was applied to all AGI above $357,700.00. In that year the total amount of AGI subject to the highest rate was $662.8 Billion. The

• government collected in taxes $218.0 Billion (35%).

Assuming no change in behavior and a general eagerness to pay more, and if Obama and the left convince the Congress to raise taxes on the so-called rich, then the potential increase in revenue would be as follows. If the highest rate of 35% were raised by a factor of 29% to 42%,

• the additional revenue would be $43.5 Billion,

not much of a dent in the $1,665 Billion deficit. If the rate was raised by a factor of 50% to 52.5%,

• the additional revenue would be $108.9 Billion.

Still nowhere near enough, so let's just tax it at a rate of 100% thus bringing in an

• additional $404.8 Billion.

Unfortunately, the country is still

• $1,260.0 Billion in the hole for the year."...

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4/7/10, "Half of Americans pay no federal income taxes," AP, MSNBC

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