Note: To listen to this blog on KWON or KYFM radio go to http://www.bartlesvilleradio.com/caffeine/uploads/files/ON%20Demand/Ideas%20Matter/Ideas%20Matter%204-6.mp3 . To buy Dr. Piper’s new book Why I Am a “Liberal” and Other Conservative Ideas go to www.okwu.edu or www.everettpiper.com .
Filmmaker Michael Moore says that the U.S. is awash in cash and that our only problem is the money is in the hands of the wealthy and not ours. He says that we (the average man) are victims of the greatest heist in history and that the portfolios of the “uber-rich” contain the solution to all our fiscal woes.
Well, let’s test Mr. Moore’s thesis. Surely if we tax the wealthy—the rich corporations, the banks, and the fat cat Republicans who are hording all the money—we could cover our $3.7 trillion annual budget, right?
Well, the fact of the matter is this.
Even if we go after the corporate giants like ExxonMobil and Wal-Mart and all the rest of the Fortune 500 companies and confiscate 100% of their combined total profits, we would have only about $391 billion—which would cover only about 10.5% of the Federal budget.
Even if we taxed everyone who makes more than $250,000 at 100% we’d only generate another $1.414 trillion, which would cover less than 5 months’ worth of Federal spending.
Even if we then cut all spending on the Afghanistan and Iraq wars, eliminated all foreign aid, nationalized all the homes in Beverly Hills, and took all the wealth of Bill Gates and Warren Buffet, we’d still fall short of paying our annual bills by about $12 billion.
We could then tax every man, woman, and child in the U.S. about $40 a year and break-even. But even here, there’s a problem: Our “revenue” strategies have effectively eliminated all employers, so where are these folks going to get their $40?
Oh, by the way, with all the major corporations gone, where’s the $3.6 trillion for next year’s budget going to come from?
After eating the goose, I’m not sure there are any golden eggs left for tomorrow.
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About Dr. Everett Piper
Dr. Piper is the President of Oklahoma Wesleyan University. Associated with Chuck Colson’s Breakpoint and Centurions programs, Dr. Piper is the author of "Why I am a 'Liberal' and Other Conservative Ideas" http://www.whyiamaliberal.com/. He has also authored "The Wrong Side of the Door: Why Ideas Matter. Piper is a frequent speaker on Christian education, Biblical worldview, and applied apologetics in both regional and national venues. For more information go to www.okwu.edu or go to www.everettpiper.com .
Recently by Dr. Everett Piper
- Rule of Law or the Rule of ManTuesday, January 22, 2013
- Debates on First and Second AmendmentsTuesday, January 22, 2013
- Calling Good Evil and Evil GoodThursday, January 03, 2013
- Interview on David Barton's Wall Builders RadioMonday, December 31, 2012
- Why I'm a 'Liberal' and Other Conservative IdeasSunday, December 30, 2012
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