Republicans keep saying we can't raise the taxes on the richest 1 percent even though many of them are billionaires with some over $50 billion. Republicans say balance the budget on the backs of the 99 percent, cut Social Security, Medicare and that's the only way to solve the deficit. I was thinking, just how much money is 1 billion dollars? According to the 1965 edition of the World Book Encyclopedia, 1 billion is a thousand million. So, anything under that, such as 999 million, is just under a billion.
There's not enough banks in the United States for a billionaire to put his money in, if he wanted to put a million dollars in each one. It also wouldn't totally be insured by the FDIC. Also according to the World Book, "Since 1930, the number of banks has dropped from about 30,000, to under 14,000, partly due to hundreds of mergers." So, for all these billionaires, who say they can't afford to pay a higher individual income tax to help solve the growing deficit, I don't believe them. For those people, their major problem is they don't have enough banks in the United States to put their money in, so, why are they protesting? No new individual income taxes, when I read that the top 1 percent has approximately 30 percent of the wealth.
It explains why they give such large contributions at election time to keep their 1 percent group separate from the 99 percent group that is picketing Wall Street but it doesn't explain why they feel so superior to the rest of us in the United States because some were born into families of wealth and others through tax loopholes, paid for by those same billionaires.
If you're going to get Standard and Poor's and Moody's to keep our triple-A bond rating, you're going to have to find a fair way to raise taxes so they have confidence in our stock market and banking system, otherwise, you could have worldwide recession. The emphasis has to first be placed on getting a job, putting your money in the bank for retirement and most important, everybody pay their fair share of individual income taxes based on ability to pay.
What's causing the growing deficit is Governor Walker and most all the Republicans in Congress signing Grover Norquist's "No New Taxes" pledge which is a bonanza for billionaires and rich investment bankers.
There's not enough banks in the United States for a billionaire to put his money in, if he wanted to put a million dollars in each one. It also wouldn't totally be insured by the FDIC. Also according to the World Book, "Since 1930, the number of banks has dropped from about 30,000, to under 14,000, partly due to hundreds of mergers." So, for all these billionaires, who say they can't afford to pay a higher individual income tax to help solve the growing deficit, I don't believe them. For those people, their major problem is they don't have enough banks in the United States to put their money in, so, why are they protesting? No new individual income taxes, when I read that the top 1 percent has approximately 30 percent of the wealth.
It explains why they give such large contributions at election time to keep their 1 percent group separate from the 99 percent group that is picketing Wall Street but it doesn't explain why they feel so superior to the rest of us in the United States because some were born into families of wealth and others through tax loopholes, paid for by those same billionaires.
If you're going to get Standard and Poor's and Moody's to keep our triple-A bond rating, you're going to have to find a fair way to raise taxes so they have confidence in our stock market and banking system, otherwise, you could have worldwide recession. The emphasis has to first be placed on getting a job, putting your money in the bank for retirement and most important, everybody pay their fair share of individual income taxes based on ability to pay.
What's causing the growing deficit is Governor Walker and most all the Republicans in Congress signing Grover Norquist's "No New Taxes" pledge which is a bonanza for billionaires and rich investment bankers.
