Reader Question: Could Obama Balance the Budget by Getting the Wealthy to Pay Their “Fair Share”?

Courtesy of Mish.

Reader “Paul” a high school teacher, wonders whether we have a spending problem or a tax collection problem.

“Paul” (name changed by Mish) writes …

Hello Mish

I subscribe to your blog and refer to it a lot.

I’m having an argument with a friend who says the problem with the deficit is that many people do not pay their fair share in taxes. For example, my friend notes that Mitt Romney pays taxes at a 13% rate despite his huge riches.

My friend believes that if tax rates were adjusted higher for the rich and super rich we’d be out of debt. He is even a business owner who is part of the 1%!

Can you challenge what my friend says?

I have another question: You did a post that listed all the government funded programs you thought should be eliminated. Do you have a link to that article?

Paul

Hello Paul …

There is a big information gap at play, actually several of them.

First, let me ask a question: Can you conceptualize $1 trillion? Other than “it’s an enormous number”, what does $1 trillion mean to you?

Bear in mind the US National Debt Clock shows public debt, not counting unfunded liabilities of Medicare and Social Security $16 trillion….



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