Taxing the rich 100% won’t cover the bill

Barack Obama told the nation last Wednesday that “improvements” in Medicare and hiking taxes on the wealthy would stabilize government spending and bring deficit spending to what can charitably be described as a dull roar. The Wall Street Journal does some fact checking on these claims and finds them entirely false.  Even if the “rich” gets defined down to the top 10% of filers — whose average annual household income is $114,000 — the level of revenue from even a 100% tax would still not close the budget gap:
http://hotair.com/archives/2011/04/18/wsj-shows-taxing-the-rich-wont-cover-the-bill/

Obama can tax the rich all he wants! But unless he ALSO starts reining in his entitlement programs, nothing at all will significantly change the dire outlook for this country! Those entitlements are the huge "meat and potato" expenses we cannot endure no matter how much we tax the rich or the poor! It's sad, but believe me...it's true!