Home
/
RELIGION & LIBERTY ONLINE
/
Why Soaking the Rich Won’t Fix the Deficit
Why Soaking the Rich Won’t Fix the Deficit
Aug 28, 2026 2:51 AM

In a recent ABC News/Washington Post poll on methods to avoid the “fiscal cliff”, sixty percent of Americans support raising taxes on es more than $250,000 a year (73 percent of Democrats, 63 percent of independents, and 39 percent of Republicans).

But how much will that affect the deficit?

The federal budget deficit in 2012 was $1.1 trillion. But a number with that many zeros—$1,100,000,000,000—is difficult to grasp, so let’s put it in some perspective

This is what $100 million (0.0001 trillion) looks like.

It takes 10 of those stacks to make $1 billion dollars and 10,000 to make a trillion. This picture represents $1 trillion. Each year since President Obama took office, the deficit has exceeded this amount—and is expected to continue exceeding a trillion dollars a year indefinitely.

Notice the section outlined in red? That’s $80 billion—the projected annual amount from raising taxes on the “rich” (i.e., Americans making more than $250,000).

That’s certainly a huge chunk of money (enough to cover the annual budget of the Department of Health and Human Services). But notice how many other stacks remain.

After we’ve “soaked the rich” how do we cover the remainder of the deficit? Who should get soaked next?

(Image source: USDebt.Kleptocracy.us

Comments
Welcome to mreligion comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
RELIGION & LIBERTY ONLINE
Reform & Resurge Conference 2006
A brief Q&A with Acton research fellow and Covenant Theological Seminary professor Anthony Bradley has been posted here, “How Jacked-Up Punks Will Change The World,” in preparation for Anthony’s speaking engagement at the Reform & Resurge Conference 2006, May 9th – 11th in Seattle, WA. ...
Immigration is a symptom
Large numbers of migrant populations going out of a particular area or nation should be viewed in large part as a signal of something. There are reasons for people to pick up and move, and policy and governing bodies would do well to examine these reasons. When business close facilities and open elsewhere, it is usually because the destination location has a better economic and business-friendly environment. So the natural course of action when examining this phenomena is to ask...
Equipping the armies of compassion
Pat Nolan, president of Justice Fellowship, writes about the challenges that non-profits face in seeking funding, in the latest Justice eReport, “Equpping the Armies of Compassion.” Nolan highlights the Acton Institute’s Samaritan Guide and We Care America, which has a grant center that assists charities in getting proposals together. And on a related note, Joe Knippenberg at No Left Turns critiques an article by Amy Sullivan in The New Republic, “Patron Feint,” which depicts the faith-based initiative as a mere...
First Things imbroglio
A former editor at First Things, Damon Linker, has written a piece for The New Republic, which attacks, among others, his former boss, Fr. Richard John Neuhaus. Linker claims that Neuhaus is a “theocon,” who wants to merge religious authority and political power. Rick Garnett at Mirror of Justice has all the details, including links to blog discussions and his previous post, criticizing Linker’s argument. I’ve read First Things for years and, in my judgment, the truth lies with Linker’s...
Socialism redivivus
Ronald Aronson argues that the political left in America needs to get back to its true socialist roots in order to e a coherent and clear alternative in this article from The Nation, “The Left Needs More Socialism.” He points to contemporary political movements in other countries as models for success of the American left: But Americans need only glance around the world to see that there are alternatives. The vibrant World Social Forums are an example, under way since...
Proof positive of marxism at Catholic universities
The resemblance is uncanny. Who said liberation theology was dead? ...
The 2006 Texas distinguished scientist wants you dead
Well, maybe not you personally. But in his speech to the Texas Academy of Science in March, University of Texas Professor Eric Pianka did announce his hope that a mutated Ebola virus would wipe out ninety percent of the human population–soon. His motives are, of course, the essence of nobility. We’ve bred like rabbits, you see, and drastic measures are needed to restore the balance. Amateur scientist Forrest Mims broke the story in his column for The Amateur Scientist. (Full...
Kierkegaard and Christianity
I ran across some of these tidbits over recent months that I thought worth passing along, and it’s a fitting time to do so at noon, typically the lunch hour. The first two are taken from an article by Martin J. Heinecken, “Kierkegaard as Christian,” Journal of Religion 37, no. 1 (Jan. 1957): 20–30. Heinecken was a professor of systematic theology at the Lutheran Theological Seminary at Philadelphia. He writes of Kierkegaard’s critical project against the state church of Denmark:...
Apples and oranges?
Here’s an interesting story–Apple Corps is suing Apple Computer for breach of contract. You probably recognize the first Apple as pany owned by Paul McCartney, Ringo Starr, and the widows of the other two Beatles. Since 1991, Apple Corps has had a deal with Apple Computer: in essence, the pany agrees to stay out of puter and munications business, and pany agrees to stay out of the music business–technically, each has agreed to keep its trademark out of the others...
Budziszewski on subsidiarity
Following up on yesterday’s entry about Ronald Aronson’s call for a renewed socialism in American politics, I offer this paragraph from J. Budziszewski’s book, What We Can’t Not Know. Discussing the principle of subsidiarity as first explicitly articulated by Pius XI in the encyclical Quadragesimo Anno, Budziszewski writes, As Pius explained, what pushed the principle of subsidiarity to the forefront was the crisis in civil society brought about by the industrial revolution. For a time it seemed as though the...
Related Classification
Copyright 2023-2026 - www.mreligion.com All Rights Reserved