I didn't say that anyone doesn't pay taxes. I said that HALF of American's are not paying INCOME taxes.Now who did you say don't pay taxes?
I also pointed out that raising the tax rate even to 100%(and assuming they actually keep working) on the "rich" WILL NOT PAY for what we're spending now.
Tax receipts are projected to rise based off of the CBO's projection of future taxes to be collected from future (not yet actually existing) increases in the tax base-consumer spending, job growth, manufacturing, etc.How the Budget Is Funded:
The U.S. Government's total revenue is projected to be $2.902 trillion for Fiscal Year 2013. That's more than the FY 2012 revenue of $2.469 trillion, and the actual received income in FY 2011 of $2.303 trillion. Tax receipts are rising because the economy is improving.
It won't happen. But for sh#ts and giggles, let's say it does. Congradulations. Our tax revenue has increased to 2.902 Trillion dollars. But, we are still projected to have a 1.33 Trillion dollar deficit. What good does more revenue do if for every dollar you take in you spend a dollar fifty?
Just to think about, we're up to $169.2 billion interest payments on the debt, in the first four months of this fiscal year. We're paying more in interest in the debt in the first four months of the year than the sum of the total deficit in 2007.
It's not a TAX and REVENUE problem, it's a SPENDING PROBLEM.
I've said here and other forums that no corporation in the history of the world has ever paid any of the corporate tax. It's all passed on to consumers. Our government uses "corporate taxes" simply as a politically acceptable means of collecting more taxes all while being applauded for "fairness" and "justice" by the same average joe that those corporate taxes are being taken from.All the Tax Burden Really Falls on You:
The individual taxpayer -- you -- provides most of the income for the Federal Government’s budget. That's because income taxes contribute 46.8%, or $1.359 trillion, toward total FY 2013 revenue receipts. Social Security, Medicare and other payroll taxes (still mostly you) add 33%, or $959 billion. Corporate taxes toss in $348 billion, or 12% toward the total. Excise and estate taxes contribute $101 billion, or 3.5%.
The Federal Reserve, as the bank for Federal government agencies, pays interest on the billions of dollars in operating funds deposited by various Federal agencies. This totals $80 billion, or 2.8%. The rest ($55 billion) comes from custom duties and other miscellaneous receipts.(Source: OMB Summary Tables, Table S-5)
The Congressional Budget Office (CBO) points out that, in effect, the entire U.S. tax burden really falls on individuals. That's because corporations pass on their tax burden to families in the form of higher prices or lower wages. Corporations must maintain their profit margin to satisfy stockholders, so any additional corporate taxes will be passed on to consumers or workers. Bottom line -- everything the government spends ultimately comes out of your pocket, no matter what happens with the corporate tax rate.
GET THAT WAKEUP?
Of course, lowering taxes is also passed on to the average joe. If we actually practiced some sort of free market anymore. But with the government intervention, regulation and flatly picking winners and losers in the market, there is no longer any "free" market.
Others have mentioned NAFTA, even with that, the American worker can out produce those in Mexico and China. But the EPA's over reaching regulations, and China's gov't artificially keeping their yuan low to fuel exports is not free market-it's just one of many examples of gov't intervention that gives a critical, unfair, and illegal advantage to our competitors and other well connected groups.