DO­ING THE MATH

The Washington Times Weekly - - Politics -

“Pres­i­dent Obama says his deficit-re­duc­tion plan isn’t ‘class war­fare, it’s math.’ Well, here’s some math: If the fed­eral govern­ment were to take ev­ery penny of in­come above $250,000 from the 2 per­cent of house­holds that earn more than that amount, the to­tal would be $1.4 tril­lion,” says Steve Stanek, bud­get-and tax-pol­icy fel­low at the Heart­land In­sti­tute.

“If the fed­eral govern­ment were to take ev­ery penny of net worth from the na­tion’s 400 bil­lion­aires — in­clud­ing War­ren Buf­fett — that would to­tal an­other $1.3 tril­lion. Com­bine the two amounts and that to­tals $2.7 tril­lion, ap­prox­i­mately $1 tril­lion less than needed to cover this year’s fed­eral bud­get. And once all that money is spent, it’s gone. Those bil­lion­aires would be pau­pers with no money to in­vest and hire peo­ple,” Mr. Stanek notes.

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