President Obama's solution to the deficits and national debt are to raise taxes on the wealthiest 2% of Americans; those whose households earn more than $250,000. He promises not to raise income taxes for anyone else.
Regardless of whether this will have unintended effects (many of these taxpayers are small business owners who may cut back or pass along costs) or whether it is fair (those who make more than $200,000 pay 62% of all federal income taxes), will it even solve the problem?
Even if you took 100% of taxable income from everyone who earned more than $75,000 in 2006, that would yield about $4 Trillion -- the Obama Administration's proposed budget for 2010 alone is $3.6 Trillion. Our national debt at the end of 2009 will be at least $12 Trillion.
And obviously, you can't tax people at 100% or they won't work. So there is no mathematical way that the budget can be balanced only by raising taxes on the rich.
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