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BBHQ Boomer Essays:

Money 101: Soak the Rich!

Our Boomer-In-Charge at BBHQ, Hershel Chicowitz, writes about boomer memories and current events... from a boomer's perspective. He is sometimes funny, sometimes provocative, some-
times a little of each. We hope you get a kick out of our Boomer Essays.

So, if it will not reduce the deficit significantly, will not reduce the need to borrow, will not reduce spending, what is the objective of soaking the rich? Why are the Democrats so adamant about raising taxes on the rich? What will it accomplish?


NON-MEMBER PREVIEW

   

June, 2011:

OK; we have a serious budget problem. No reasonable person would disagree with that reality. Here's a look at federal revenues (money coming in) and outlays (spending; money going out) over the last decade and estimated into the next decade:

Focus on the circled area, the past couple of years and the next few into the future. This is serious stuff. Recently, the difference between money coming in (revenues) and money going out (spending) has gotten much larger. The estimates into the future are just that: estimates. They are made using unreasonably optimistic numbers. The reality will likely be much worse.

We must do something to change this pattern.

On other essays, I have outlined the serious financial crisis we face, using facts, logic, reasoning, and the words of our misleaders.

The BBHQ Money Series
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Part 1: Incentive
Part 2: Going in Style
Part 3: The Boomers' Greatest Immorality
Part 4: Getting the Deficit Under Control
Part 5: Why the Debt Matters
Part 6: A Dramatic Approach to Reducing the Debt
Part 7: Extreme, Draconian Budget Cuts
The IRS Cafe
Your Fair Share
Eat the Rich

In Your Fair Share, I provided conclusive evidence that the rich are indeed paying "their fair share" -- and then some. We can debate about who "the rich" are, but the top 5% of all taxpayers foot the bill for 60% of the income taxes paid in the U.S. (And those 5% use far fewer government services that the other 95%.)

So, just what is their fair share, if not 60%? Is it 65%; 80%; 90%. Should 5% of the population pick up 90% of the tab? Tell me, you progressives, exactly what is their fair share?

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The Boomer Essays - On Being a Boomer:

The BBHQ Freedom Series

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  Declaration of Independence
        What is Says; What it Means

The Boomer Health Care Series
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The Midlife

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Middle Age &

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Hell No; We Won't Go!

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    Do Not Go Gentle

The Boomer Money Series
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The BBHQ Vacation Series
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