Thursday, November 15, 2012

What about that Pesty 47%? A letter addressing tax reform

Dear Rommy: 

I agree that the tax code needs to be revamped.  Tax breaks for corporations need to examined.  Just think about it, the president bails out the auto-industry and Michigan, Wisconsin, and Ohio go for Mr. Obama.  Thank you for pointing out this fact.  I hope the president did not do this as a clever bribe to those voters.

Also, remember the 47% that pay no federal income taxes, that’s more than 115 million Americans of tax payer age.

Total population of the U.S.: 314,772,453
245,267,292 potential taxpayers
115,275,627.2 Americans who currently do not pay federal income taxes.  If each were required to pay $1,000 per year on average the total would be at least $115 Billion per year or in nine years over $1 Trillion.  Rommy, also remember with more taxpayers the growth of government would slow helping to cut the debt.

Best, Geoff

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