Here are the facts: the largest amount of revenue the federal government has ever brought in during one fiscal year was $2.7 trillion in FY 2008 – under the dreaded George W. Bush and his ‘tax cuts for the rich.’ Even if the government were to raise this much revenue in FY 2011, we would still be over $1 trillion short of what Obama wants to spend this year.
My challenge to liberals is simple: Can you please explain to me how raising taxes on ‘the rich’ is going to close this gap? The government is only going to collect $2.2 trillion dollars in FY 2011, and the CBO’s best estimates show that even if the Bush tax rates had expired at the end of last year, the government would have brought in an additional $60 billion per year. That leaves us at $2.26 trillion for FY 2011 – still over $1.5 trillion less than what we’re scheduled to spend.
That is a question I would love to see the Tax-n-Spend Democratic so-called progressive portion of this country attempt to answer without changing the subject, making excuses or distracting in any way.
Just a straight answer. A clear explanation.