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Does anybody else see the obvious lie behind the 5 trillion dollar tax cuts?
Check my math, but after running the numbers to see where this figure came from, I realized what a huge lie it is.
2.5 trillion in revenue times 20% in tax cuts = 500 billlion a year times ten years = 5 trillion.
1) The problems with that is that of the 2.5 trillion, only 1.2 trillion comes from income taxes.
2) the second problem is it is not an even 20% tax cut, it is broken down to about a 6% cut for each tax rate. According to the IRS, the top 20% pay 94% of the income taxes, and the bottom 47% pay zero, so the middle 33% pay 6%. So;
1.2 trillion times 94% = 1.128 trillion times 6% = 67 billion a year times 10 years = 670 billion in ten years.
A tax cut to the lower brackets shouldn't even be figured as they pay zero now. Add in a 6% cut for the middle class on the remaining 72 billion and you get about 43 billion over ten years.
713 BILLION IN TEN YEARS IS NOWHERE CLOSE TO 5 TRILLION.
It's a complete lie, and anyone with a calculator can disprove it easily.
5 Answers
- ?Lv 79 years ago
Reagan brought back America with this plan after 18% interest rates and an out of Control Inflation he was left by Jimmy Carter.
Sorry Billy Clinton YOU WERE WRONG... Reagan DID THAT... In 4 years...
They (R&R) Believe and have seen in the past Lower taxes brings in MORE revenue....
So Your above Class warfare is just more of Obama's "Share the POVERTY" plans..
It is time to "Share the Wealth" for real for the next 4 years...
Proof... sure... Wall street was the only income group that did better under Obama's 4 year Lie... Obama's share the wealth worked well for the billionaires...
IMO...
Source(s): No more Obama https://www.youtube.com/watch?v=ctTds-92v1w - Anonymous9 years ago
It's all a ponzi scheme, designed to be impossible to pay off. If you printed 14 trillion dollars to oay off the debt, you would owe interest on the 14 trillion you created.
- Anonymous9 years ago
Raising taxes is a good way to contract the economy. Lowering taxes is a good way to expand the economy. Take your choice, and vote accordingly.
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