Despite all of the rhetoric coming from Washington, the middle class should be gearing up for a major tax increase to fund Obama's vision of American entitlement. How do I know this? Because the "rich" that President Obama talks so much about simply don't have incomes large enough to fund all of the future deficits, even if you had marginal tax rates of 100%!
That's why many liberal studies switch from talking about income to talking about wealth, since this results in a larger number. However, as we all know, income taxes are based on income, not wealth, so any evaluation of tax revenues in relation to wealth is at best misleading and at worst, a deliberate lie.
This week, I'm going to review the latest available income tax information to see exactly who is paying income tax and who isn't. I'll then show you how that "soaking the rich" simply wouldn't result in enough money to materially affect our mounting deficits and national debt. I'll finish by talking about Standard & Poor's recent shocking announcement about the US debt rating, and the likelihood of anyone actually getting the message in Washington. It's not a pretty story, but it's one you definitely need to know about.