Thomas E. Woods, Jr., is the New York Times bestselling author of 11 books, including The Politically Incorrect Guide to American History and Meltdown (on the financial crisis.) A senior fellow of the Ludwig von Mises Institute, Woods has appeared on MSNBC, CNBC, FOX News, FOX Business, C-SPAN, Bloomberg Television, and hundreds of radio programs... (Read More)
I have a set of questions for the “fair share” tax proponents.
- Would fair share tax hikes be enough to fund US government spending?
- What if we took 100% of the profits of Walmart and Exxon Mobile?
- What if the corporate tax rate was 100% for every corporation?
- What if we confiscated 100% of the wealth of the super-wealthy including Warren Buffet and Bill Gates?
- What if we did ALL of the above? Would that balance the budget?
A recent Tony Robbins video making the rounds answers all of those questions. It is about 19 minutes long and well worth a play in entirety.
To meet total spending requirements of $3.2 trillion, but not counting $117 trillion in unfunded liabilities, not only would we have to do everything in the five point list above, but we would have to take the combined salaries of all players in the NFL, Major League Baseball, the NBA, and the NHL, cut military spending by $254 billion, and tax everything people make above $250,000 at a 100% tax rate.
That’s what it would take to meet the 2012 budget of $3.8 trillion. It would do nothing to pay down the existing national debt of close to $16 trillion. It would not come remotely close to meeting $117 trillion in unfunded liabilities.