Take a listen: I Spy Minute for March 5, 2013. Or read the transcript below…
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The sequester is a great opportunity for conservatives—an opportunity to talk about principles such as smaller government, less spending, and not being dependent on the government.
Here’s a question: what percentage of the federal budget do you think comes from income taxes?
Most people would say about 60 percent with the rest coming from corporate and social security taxes. And borrowing.
In 2010, the latest year the IRS has made available, the feds took in $952 billion in taxes.
We spent 3 point 7 trillion. Income taxes made up only 26 percent of the budget.
It gets worse. In 2010 the entire taxable income from all taxpayers—that’s everyone’s paychecks, from the janitor to the richest CEO—combined came to 5 point 3 trillion.
To pay for our spending—without borrowing—we would need to take over 70% of everyone’s paycheck.
Add state and local and property taxes and you’re left with a mere 20% of your paycheck to live on.
It’s time to get serious about spending cuts.