Thursday, April 15, 2010
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As painful as April 15th is for many Americans, we'll be hearing fewer screams than usual owing to the fact that 47% of households will pay no income tax whatsoever. A family of four, with two children under 17, can earn $50,000 without owing a red cent.
Unfortunately, foisting the nation's tax burden exclusively on the "rich" (the top 10% of earners pay 75% of all federal income tax revenue) won't even remotely pay for the ever-growing entitlement programs that administrations from both parties have put in place (although never so much, so fast, and so disingenuously underfunded as those passed by the Obama administration).
In fact, taking 100% of the money from the "evil rich" wouldn't be enough... which is why Democrats are now gearing up for an additional VAT tax which will affect the rich, the poor, and everyone in the middle.
Because when you can't squeeze any more blood from a stone, it's unavoidably time to start squeezing the sheep.