Quote:
Originally Posted by Bri
Nope, 100% tax rate on the top 5% wage earners would solve the deficit problem completely, in theory.
Top 5% incomes average $250,000
115 million households in US, 5% of that is 5.75 million households
US deficit in 2011 roughly $1.3 trillion
So 100% taxes on top 5% of incomes is 5.75 mln x $250,000= $1.44 trillion, which would give a theoretical surplus on the federal budget.
Off course this is not a realistic example. High incomes would simpley stop working or leave the country.
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Do you have a link to your numbers? Because the numbers I see on the deficit alone, are 1.5 trillion or more for 2011. That's just for part of your post.
http://en.wikipedia.org/wiki/2011_Un...federal_budget