President Barack Obama has proposed raising taxes on the rich to put America’s fiscal house in order, but critics say federal spending is so massive that the wealthy don’t have enough money to cover the nation’s unprecedented debt.
In an interview with MSNBC’s Andrea Mitchell, Rep. Tom Price (R-GA) said President Barack Obama’s plan to raise taxes on the wealthy would only generate enough revenue to fund the federal government for eight days.
“The president’s plan to increase taxes on the upper two percent covers the spending by this federal government not for eight years, not for eight months, not for eight weeks but for eight days. Eight days only,” said Mr. Price. “It’s not a real solution. So, again, I’m puzzled by an administration that seems to be more interested in raising tax rates than in gaining economic vitality.”
The problem is that the rich don’t have enough money to put so much as a dent in America’s $16 trillion national debt. “If the IRS grabbed 100 percent of income over $1 million, the take would be just $616 billion,” writes John Stossel. “That’s only a third of this year’s deficit. Our national debt would continue to explode.”