Sunday, May 1, 2011

Government Revenues in 2008 were $2.5 Trillion

Government revenues in 2008 came from the following taxes:

Individual income taxes -- $1.14 trillion; (IRS data is slightly different at $1.03 trillion)

Social insurance taxes -- $0.9 trillion; (earnings beyond $107,000 or so are not fully taxed for this)

Corporate income taxes -- $0.3 trillion; (think GE!)

Other -- $0.1 trillion; (think?)

Sales and excise taxes -- $0.06 trillion; (think gasoline)

Total -- $2.5 trillion. Not enough by a long shot, under Obama, Pelosi and Reid.

So whattayawannado? Raise taxes to pay for the new spending under these bums, or get rid of the bums?