The $64,000 Question: How Much Has Debt Increased Per Taxpayer Under Obama?

j-mac

j-mac

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The national debt has now increased by more than $64,000 per federal taxpayer since Barack Obama was inaugurated president.

At the close of business on Jan. 20, 2009, according to the U.S. Treasury, the total debt of the federal government was $10,626,877,048,913.08. By the close of business on July 10, 2012, that debt had climbed to $15,885,854,755,351.47—an increase of $5,258,977,706,438.39.

In “Statistics of Income—2009 Individual Income Tax Returns,” which was published this year and is the Internal Revenue Service’s most recent statistical report on individual income tax data, the IRS reported that there were 81,890,189 tax returns filed in 2009 that reported taxable income.

If each of these 81,890,189 federal taxpayers were given responsibility for paying off an equal share of the new federal debt added since Obama was inaugurated, they would each need to pay about $64,219.88.

If each of these 81,890,189 federal taxpayers were given responsibility for paying off an equal share of the entire federal debt of $15,885,854,755,351.47, they would each need to pay about $193,989.72

http://cnsnews.com/news/article/64000-question-how-much-has-debt-increased-taxpayer-under-obama
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4 more years of this will bring the country to her knees...Thoughts?
 
So the guy who just critized a link from the American Journal of Medicine uses an article from the highly biased CNS written by an editor of CNS and former Pat Buchanan crony?

Fail. Go back to the hole of a forum you crawled out of. If they'll take you.
 
Howey said:
So the guy who just critized a link from the American Journal of Medicine uses an article from the highly biased CNS written by an editor of CNS and former Pat Buchanan crony?

Fail. Go back to the hole of a forum you crawled out of. If they'll take you.
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Comedy gold. :awesome:
 
And the tax burden on middle class taxpayers is lower under President Barack Hussein Obama than at any time in the last 30 years. My, my. The repubs have been saying for decades that generally accepted accounting practices will cure all ills in any deficit spending. Who'd a thunk it now?!?!?!?!??!?!
 
Average income tax rates for these typical families have been lower during the Bush and Obama Administrations than at any time since the 1950s

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http://www.cbpp.org/cms/index.cfm?fa=view&id=3151
 
Most of the debt is owed internal, so it's really like we owe it to ourselves. Sure, we do owe a lot to China, but China doesn't buy our bonds as an act of charity, it's part of a strategy on their part to lower the value of the Yuan and keep their exports cheaper. A stronger Yuan would be good for America. Also, national debt isn't secured by the same laws as private debt. If I can't pay my private debt, it's secured by pretty much all of my assets, besides perhaps some items such as my house. National debt, on the other hand, isn't secured by assets. No other country is going to come to America and take everything we own if we can't pay our debts. It's secured, on the other hand, by little more than the fact that it would be more expensive in the future to buy debt should we fail to keep our obligations and pay it.

So, the situation is really more like what if you owed a lot of money to yourself, and if you failed to pay it nothing would happen besides the fact that you'd get a bad credit rating.
 
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Waterfart said:
No new taxes have been passed, so it's largely just a trend from other factors. Perhaps it's simply because the recession bottomed out in 2009-2010.
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now we get to the truth of the matter. dems want to act as if bush raised taxes to new heights for the middle class and pubs want to act as if obama has raised middle class taxes to great heights.
 
Yurt said:
now we get to the truth of the matter. dems want to act as if bush raised taxes to new heights for the middle class and pubs want to act as if obama has raised middle class taxes to great heights.
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Bush cut taxes on everyone. It was, perhaps, debatable if we could afford that cut. His extension of those tax cuts to the wealthy was what was most controversial. But if anyone is going to claim that he raised them, they're an idiot.

Proportionally, the tax cut was actually greater for the middle and lower class in terms of actual rates, because the cuts were linear (5% off of every bracket) instead of proportional, and 15% - 5% is proportionally a greater cut (33%) than 40% - 5% (13.5%). However, in terms of money, the tax cuts were greatest for the rich because the rich make so much more than everyone else. And that is the figure usually cited.
 
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Waterfart said:
Neither raised taxes. Bush cut taxes on the middle class. It was, perhaps, debatable if we could afford that cut. His extension of those tax cuts to the wealthy was what was most controversial. But if anyone is going to claim that he raised them, they're an idiot.
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we are in agreement.

though, i would argue obama's cig tax is in fact a raise in taxes on the middle class. maybe not income tax, but a tax raise, nonetheless.
 
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