How does $25,573.48 a person grab you? That’s the result of $3.6 trillion in spending divided by the 139 million taxpayers in America. We’re on track for a $700 billion deficit and $15 trillion+ national debt in just a decade’s time.

Uncle Sam will end up raising taxes by upwards of a $1 trillion over the next 10 years, and that’s assuming taxes will only be increased on those making $250,000 or more a year. Uh huh.

Even the most basic inspection of the IRS income tax statistics shows that raising taxes on the salaries, dividends and capital gains of those making more than $250,000 can’t possibly raise enough revenue to fund Mr. Obama’s new spending ambitions…

[A]s a thought experiment, let’s go all the way. A tax policy that confiscated 100% of the taxable income of everyone in America earning over $500,000 in 2006 would only have given Congress an extra $1.3 trillion in revenue. That’s less than half the 2006 federal budget of $2.7 trillion and looks tiny compared to the more than $4 trillion Congress will spend in fiscal 2010. Even taking every taxable “dime” of everyone earning more than $75,000 in 2006 would have barely yielded enough to cover that $4 trillion.

Fast forward to this year (and 2010) when the Wall Street meltdown and recession are going to mean far few taxpayers earning more than $500,000. Profits are plunging, businesses are cutting or eliminating dividends, hedge funds are rolling up, and, most of all, capital nationwide is on strike. Raising taxes now will thus yield far less revenue than it would have in 2006.

So even if you took every taxable dime of every American taxpayer earning over a quarter-million dollars a year, you still couldn’t cover even half of the 2006 federal budget. Fast forward to 2010 when we’re looking over $4 trillion and you can see how the “2%” crap is a lie.

As Allahpundit points out, even Olympia Snow of the Turncoat Caucus is uncomfortable. Perhaps she should’ve considered that before approving a $1 trillion+ spending bill, huh? Yeah, she doesn’t think beyond what will make The One happy at the moment.