OK, The COVID relief bill just passed will cost 1.9 trillion. Biden has just proposed another 2.2 trillion for Democratic priorities and infrastructure, and reportedly will propose another 2 trillion spending bill in April for more Democratic Party priorities. That adds up to about 6 trillion in round numbers.
Alexandria Ocasio Cortez and Joe Manchin believe the $2.2 trillion just announced is too low. AOC wants it upped to $10 trillion and Manchin wants $4 trillion.
And then there's the Green New Deal, beloved by all the progressive Democratic Politicians. The American Action Forum estimates that would take $51 trillion to $93 trillion over the next ten years.
So most of this money is supposed to come from people who make more than $1 million a year, and all of it from those who make over $400,000 per year. President Biden has promised people making less than $400,000 per year will not have their tax rates increased.
Here's a link to the IRS tax statistics:
https://www.irs.gov/statistics/soi-t...d-gross-income
The latest year available is 2018. In that year, the total taxable income of people making over $1 million per year was $1.6 trillion. If you add the amount of taxable income of people making from $500,000 to a million a year, that goes up to $2.3 trillion.
However, these people are already paying a large % of their income in federal and state income taxes to help pay for existing programs. Let's say 30% of their income to be conservative -- I'm pretty sure it's more than that. That means if you take every dime they make, that they're not already paying in taxes, you end up with $1.1 trillion ($1 million cutoff) or $1.6 trillion ($500,000 cutoff) to pay for all this shit the Democratic Party politicians are proposing.
There's a snowball's chance in hell these politicians can do what they want to do by just taxing the rich.
How are we going to pay for all this shit?
