Panesko Claims That
Taxing The Rich Would
Run The Government
For Only Ten Days
Taxing The Rich Would
Run The Government
For Only Ten Days
That argument has been thoroughly debunked but Panesko’s listeners don’t know any better. Panesko keeps his audience dumbed down.
dept.10.days.most.12.5.12.wma | |
File Size: | 49 kb |
File Type: | wma |
According to The Washington Post:
“Republicans proposed raising an estimated $50 billion per year by eliminating deductions and closing tax loopholes. That covers only 4.8 days of government spending.
“Republican members of the committee also proposed trimming Medicare and Medicaid spending by about $28 billion per year. That would reduce government spending by only 2.7 days.”
But the issues is, how much raising taxes would reduce the deficit.
“Under current policies, the projected 2013 deficit is about $1 trillion. So the tax hike would eliminate 6.5 to 8.5 percent of that shortfall — and would obviously have an even greater impact in later years. Over a decade, the rate hikes and other provisions affecting the wealthy would raise $968 billion, which is essentially one year of the current deficit.”
All this is way over Panesko's listeners' heads.
“Republicans proposed raising an estimated $50 billion per year by eliminating deductions and closing tax loopholes. That covers only 4.8 days of government spending.
“Republican members of the committee also proposed trimming Medicare and Medicaid spending by about $28 billion per year. That would reduce government spending by only 2.7 days.”
But the issues is, how much raising taxes would reduce the deficit.
“Under current policies, the projected 2013 deficit is about $1 trillion. So the tax hike would eliminate 6.5 to 8.5 percent of that shortfall — and would obviously have an even greater impact in later years. Over a decade, the rate hikes and other provisions affecting the wealthy would raise $968 billion, which is essentially one year of the current deficit.”
All this is way over Panesko's listeners' heads.