taxes will rise to 60%.Originally posted by Antonito
Well, it sounds crazy how much of a percentage they pay until you look at how much they have. Actually it's pretty much right in line. The top 1% pay 40%, but they also control 40% of the nations wealth.
And taxes aren't going to rise 60% because of the money being spent. It's not a direct relationship between the yearly budget and the yearly taxes. The national debt went up nearly 5 trillion dollars this decade and the tax rates didn't increase one bit.
So while this all spells trouble down the line, your math is pretty wrong.
this is Obama's plan!
and its not my math, its Scott Grannis's math. He "was Chief Economist from 1979-2007 at Western Asset Management (Wamco), a Pasadena-based, global manager of fixed-income portfolios for institutional clients."