There Aren’t Enough “Rich” to Tax
The question here is who will tank first? Right now it looks like we’re in a race to see whether the country or Obama will tank first. It looks like it’s running neck and neck here. And the trick here is to make Obama tank first. Now, this UK Daily Mail story that you will not see in the US media. “Soak the rich, eh? They do not have the money. A report from the Internal Revenue Service found that the rich –” and the rich are defined this way: 8,274 people with incomes of $10 million per year or more. What do you think those 8,274 people earned combined in 2009? Snerdley, take a wild guess. All of you out there, take a wild guess in your mind. I’m not asking you to call and I’m gonna tell you what the number is here in just a second. But just think about this, 8,274 people with incomes of $10 million per year or more.
Now, you got Buffett in there and Gates at their $40 to 50 billion, but that’s their net worth. What do they earn? It’s a different number. But you take all of those people, just give me a number, what do you think, 8,274 people with incomes of $10 million per year or more, what was the combined total income earned of all those 8,274 people in 2009? One trillion, $250 billion. That’s what you say, Brian? Snerdley says a trillion. The answer is $240 billion. Brian, you were $10 billion off. That’s it. That’s right. That’s it. The 8,274 people with incomes of $10 million per year or more earned a total of $240 billion in 2009.
“Even of you confiscated every dime they earned, you would barely have enough money to cover government spending for 24 days.” In fact, this $240 billion, I mean that’s pretty close to the actual real number of budget cuts in the debt deal when you strip everything away. Now, about 25% of that money already goes to the federal government for federal income. So actually that $240 billion would run the government for 18 days.