Interesting Fact About the Bush Tax Cuts

From the Wall Street Journal article on the truly terrible speech that Obama gave yesterday on his plan (or lack thereof) to reform entitlements:

Under the Obama tax plan, the Bush rates would be repealed for the top brackets. Yet the "cost" of extending all the Bush rates in 2011 over 10 years was about $3.7 trillion. Some $3 trillion of that was for everything but the top brackets—and Mr. Obama says he wants to extend those rates forever. According to Internal Revenue Service data, the entire taxable income of everyone earning over $100,000 in 2008 was about $1.582 trillion. Even if all these Americans—most of whom are far from wealthy—were taxed at 100%, it wouldn't cover Mr. Obama's deficit for this year.

Clearly the deficit crisis in this country can't be fixed merely by raising taxes on "the rich." Now, Mr. President, can we have a serious discussion about cutting spending and reforming taxes?

Incidentally, I've decided that it's better for my friendships to post my thoughts on politics on my blog rather than on Facebook. Apparently I'm a bit too blunt to appear in most people's news feeds.