Thursday, February 26, 2009

A Little Economic Reality

No politics in this post, just a few interesting facts:

2006 Federal Budget - $2.7 Trillion

Projected 2010 Budget - $4 Trillion

2006 Statistics

Number of filers earning more than $200,000 - 3.8 million

Taxes paid by filers earning more than $200,000 - $522 billion (62% of all income tax)

Taxes paid by filers earning the top 1% of income - $408 billion (40% of all income tax)

% of Income earned by the top 1 % of earners - 22%

Other interesting facts

In order to fund the 2010 budget projection ($4B), the government would have to take 100% of all taxable income from everyone earning more than $75,000.

President Obama promises not to raise taxes on anyone earning less than $250,000.

President Obama promises to cut the deficit in half by 2012.

(Sources IRS, Wall Street Journal, President Obama)

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