Political Quotes

“According to this article, even if the government confiscated all of the income of people earning $250,000 a year, the money would fund the Federal Government today for a mere 140 days. CBO statistics tell us that the top 5 percent of households earn 29 percent of the income and pay 43 percent of the income tax collected by the Federal Government. This chart here shows that these 5 percent of households have seen their taxes go up or hold steady while the other 95 percent of households have seen their taxes go down. We are in a situation where people are talking about increasing taxes on higher income people because, supposedly, they can afford it--and probably they can afford it. But I get sick and tired of the demagoguery that goes on in Washington of taxing higher income people. This group of people is already paying 43 percent of all of the income tax coming in to the Federal Government, while 47 percent of the people in this country don't pay any income tax whatsoever. How high do taxes have to go, generally, to satisfy the appetite of the people in this Congress to spend money? And particularly, how high do marginal tax rates have to go to satisfy those clamoring for higher taxes that the wealthiest in this country are paying enough money? In addition to the CBO statistics on households, IRS statistics show that 1 percent of the wealthiest people make 27 percent of the income and pay 40 percent of the income taxes. If it be 41 or 42 percent, maybe we can look at it.…”