Earlier I read a couple of facts here at DKos
One, Walmart costs taxpayers approximately $420,000 per store because of food stamps, and other federal programs that Walmart employees use because of low wages and low hours.
Two, there are approximately 4000 Walmart stores in the US.
So, I got to thinking...(always dangerous)
I have no idea how to double check the amount paid to Walmart workers for federal social programs etc. However I went to the Internet and on wiki.answers.com it stated there are 4,394 Walmart stores, Sam's Clubs, and Walmart superstores in the US.
So -- $420,000 * 4394 stores = $1,845,480,000 --- approximately $1.8B
Obama wants to raise the tax rate on families making over $250,000. This rate increase would generate approximately $1.6TThe block quote above should be changed to a rate increase of approximately $160B per year. Which changes my conclusion -- thank heavens -- that the increase in revenues would cover these costs and much more besides.
The conclusion. The proposed tax rate on incomes for families making over $250,000 would not even pay for the federal social services Walmart employees use.
How's that for perspective?
Assuming, of course, my assumptions are correct.
8:10 PM PT: VCLib caught an error in my diary. Although the math itself was correct, it should have said approximately $1.8B for billion not $1.8T for trillion.
Also, as I was cooking dinner I realized I had made another error, that of comparing apples to oranges. I understand the $420,000 figure is per year. The President's rate increase would be $1.6T over 10 years, so it would increase the revenue by (I assume an average of) $106B a year.
This make much more sense. (cents??)
Sorry for the errors.