New Tax Money From the Rich Will Run Out in 3 Days
The recent tax increase on the 2% of the wealthiest Americans will be completely used up by this Sunday. In exchange for decreasing the incentives to work and invest of the most productive and successful Americans, we got enough money to operate the government for just over five and a half days, or until some time January 6. It is entirely possible that Obama will not even be back from his Hawaii retreat before the new taxes, which were the first priority for his second term, have already been spent.
(Calculation: Assumes $60 billion first year take from the new taxes on rich, and spending this year of $3.8 trillion, or about $10.4 billion a day.
