“You Get No More!”

I got to thinking about the class envy that Obama and the Democrats espouse almost daily. They say let’s raise taxes on the rich. They are not paying their fair share. So I got to thinking, “Why not tax it all away from all those rich people, Never mind that right now the richest 10% pay 97% of all the taxes.

As of 2010 the assets of American households total somewhere near $55 Trillion. In 2004, it was found that the top 10% owned or controlled 87% of the financial assets in the country or about $48 trillion. Suppose we take it all away from them.

Over the next ten years the U.S. will spend at least $3.5 Trillion a year or $35 trillion and will spend more money than it’s taking in of $1.5 trillion per year or $15 trillion in ten years tacked on to the total debt now of $14.3 Trillion. So in ten years we will owe somewhere around $30 trillion. So if we tax it all away from those rich people, their wealth would pay for 30 years of deficits. Oops! I forgot if we take it all away from them, they would stop paying taxes. And if we took all their houses and cars and boats and high-priced planes and jewelry (part of the assets) how would we convert it to cash to pay our bills? I mean, who would buy it? The rich couldn’t. We’ve taken all their money. So I figure at best, if we took everything away from the rich, in ten years at most, we’d back to where we were when Columbus hit the new world.

Oh, BTW, if we took all the rich’s assets, who’s going to run their businesses. They certainly wouldn’t, not unless we forced them to run those businesses. We could force the surgeon to operate on your sick child. We could force Intel to build new iPhones and iPads. We could force airline pilots to fly us from Portland to Mazatlan. Of course, since most politicians in Congress are millionaires, they would exempt themselves. And since much of our assets is in our retirement plans, kiss those babies goodbye!

Here’s my bottom line: leave your f’ing hands off their dough, because the pols will never have enough money to spend. Next they will want all the rest from the 90% of us. Is this what you want? Why not just stand up on your two feet and shout, “You Get No More!”

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