September 2, 2009
Someone has spent a lot of money taking out full page ads in several major newspapers. He wants you to sign a petition to defeat the debt. His web page is defeatthedebt.com.
Here is what he wants you to know: in New York City, one percent of taxpayers pay almost 50 percent of that city's income taxes. In California, currently on fire in more ways than one, one percent pay nearly 47 percent of the state's income taxes. The top one percent of American earners pay 40 percent of all federal income taxes.
Another ad in the New York Times asks, "How big is a trillion?" The White House projects the federal debt will grow by more than $9 trillion in the next ten years. One million seconds equals 12 days. One trillion seconds is more than 30,000 years. When America owes more than $9 trillion in new debt, you will owe more in new taxes.
Had enough? It's 14 months until the congressional election but two months in New Jersey and Virginia until governors are elected. Start acting now.
Cal Thomas is a nationally syndicated columnist based in Washington, D.C.