The Homa Files

First, a couple of tax facts …

• Roughly 140 million individual  tax returns are filed each year … some, individual, some joint
• Those returns report a bit over $8 trillion in AGI … about $5.3 trillion in taxable income
• Those returns generate about $1 trillion in income tax “revenue” … that’s about 12.5% of AGI and about 19.5% of taxable income

The Federal deficit is about $!.6 trillion.

Let’s see how we can close that gap …

• Option 1: Increase the average tax rate (on taxable income) by about 2.5 times … from 19.5% to about 45%
• Option 2: Make every individual  filer pay an additional $1,000 – each joint filer $2,000
• Option 3: Make everybody who voted for Obama (about 50 million people) pay an additional $3,000

I really like option 3 … since the vast majority of those folks like the job the President is doing, let them pay for it.

As long as they’re paying, I don’t care how much the President spends …

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This entry was posted on July 28, 2011 at 6:15 am and is filed under Debt - Deficit, Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.