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The Deficit: Simple Math

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  • Description

    FBN’s Lou Dobbs on the math behind efforts to raise taxes to help reduce the deficit.

  • Duration 4:03
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This transcript is automatically generated

We have about national debt now of sixteen point three trillion dollars.

And we want to do a little something in the chart -- tonight to kind of bring some simple map all.

Primarily for the benefit of those that we elected to represent us in Washington DC.

CBO kind Congressional Budget Office projections are right.

That down sixteen point three will be a trillion dollars higher next year.

And if the -- clerk is avoided the federal government is expected to span lets do it this right three point 62.

Trillion dollar that's a lot of money.

Especially since they're only collecting.

2.5.

Eight that's the projection for this year.

It and revenue in taxes.

That leaves us with a little -- set of one point 04.

That's the deficit.

And sizable it is this will be the president's -- for which he is personally responsible for deficit in excess of the trillion dollars.

President Obama -- Wants to -- that trillion dollar hole -- raising taxes on household incomes as we all know.

I've -- have incomes over 250000 dollars those so called top 2%.

Now that would bring in 82 billion -- 82.

Billion.

-- It's about seven point 8%.

Seven point 8%.

Of that.

Of that deficit.

So disaster -- we have a tax problem or perhaps spending make of this.

Taxpayers making more than 250000.

Dollars those representing the top 2%.

Paid more than 46%.

Of all -- Now -- would seem like a pretty fair deal but most of us but the president says it's not fair he wants spare.

But we don't know what that number is how much -- -- according to the press.

Contrary to what the president would have you believe as he campaigns on tax hikes all around the country and against the -- He's doing a lot of that the bush tax rates -- the root of our problems.

In fact individual tax payments rose 200.

This 233.

Billion dollars.

-- Or 26%.

Over the past two years.

Under those very low -- -- bush tax rates where they biblical slow growing economy.

We still had a 233.

Billion dollars.

To -- federal revenues.

Now here's what happens if Obama drives us off -- that 82 billion dollars from higher taxes for the top 2% add to that.

We don't leave anybody out of this deal 223.

Billion dollars.

More than 98%.

Now.

You suppose there's a reason that President Obama likes only talked about those tax hikes -- the top 2%.

When one could it be that he wants to draw attention away from.

-- 400.

Let's do that right here.

494.

Billion dollars projected.

By the Congressional Budget Office.

494.

Billion dollars of obamacare taxes.

That will hit not the 2%.

-- the 98%.

But the middle class and they start hitting on.

January 1 and it doesn't matter where there we go over the -- are we don't.

If you haven't heard about those effects side perhaps it's because of mainstream liberal media for sound string of recent doesn't wanna talk about.

The inconvenient impact.

Of Obama taxes.

On our middle parts.

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