So, what is "just a little bit more" (aka "their fair share")

[Doc]

We have heard it before. Obama saying that we can get ahold of the debt crisis by having the wealthiest Americans, the millionaires and billionaire, pay a little bit more. So lets hold his feet to the fire. Many liberals have complained about Mitt Romney failing to give specifics so lets ask them to do the same. So lets crunch the numbers:

the deficit is current roughly $16,000,000,000,000 (I think that is right...hundreds, thousands, millions, billions, trillions), and as of 2010 there were roughly 3,100,000 millionaires. So in order for the "pay a little bit more" thingy to work, each and every millionaire or higher would have to kick in a bit over $5,000,000 (yes, that is five MILLION) to solve the debit crisis. That makes two assumptions. First that there is no decrease in taxes to any other group (yes, there is also a promise to cut middle class taxes) and that the definition of millionaire is >$1,000,000 net worth. Net worth is the figure used, not annual income. Home value less mortgage is an asset. Business' owned, cars, stocks, bonds, etc... all go in the asset column. I bet you would be surprised who is actually a "millionaire".

If we extrapolate that 5 million over 10 years, that is a half million per year in addition to what is already being paid. Anybody consider that "a little bit more"?

The idea that taxing the rich a little bit more is going to solve the spending problem our government has is hogwash.

[dan_bgblue]

I read some numbers the other day that indicated if the government collected all the pre tax income of all the millionaires in 2011, it would total $875,000,000,000. They could all collect SNAP benefits and qualify for medicaid after they paid their taxes.