September 24, 2012

Even a 100% Tax on Millionaires Wouldn't Close Federal Deficit

Marc Comtois

"Even if the government took all of the income earned by those who have an after-tax income of $1million or more, the amount of revenue generated would fall far short of eliminating the deficit."

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Waiting for Pat Crowley to chime in.
What if they took all of the income. 100% of everything. How much would be left, if any?

Posted by: Bob at September 24, 2012 7:25 PM

And this money grab would only work in year 1. After that those people would simply alter how they got paid in order to avoid getting taxed at a 100% rate.

Posted by: jgardner at September 25, 2012 8:31 AM

""I pay all the taxes that are legally required and not a dollar more. I don't think you want someone as the candidate for president who pays more taxes than he owes." - Mitt Romney

Scissorhands Romney's latest tax stunt:

His 14% +/- tax rate in 2011 would have been a lot lower if he had deducted ALL of his charitable contributions But after claiming that he paid at least 13 percent of his income in taxes in each of the last 10 years, Romney chose NOT to deduct $1.8 million worth of contributions last year to ARTIFICIALLY INCREASE his tax bill.
Mitt can re-submit an amended return for 2011
Anybody want to bet that the amended return is already printed out waiting for his signature in November ? ?

Be Well All...Sammy

Posted by: Sammy in Arizona at September 25, 2012 12:19 PM

So by that logic, we shouldn't cut a dime of EPA's budget, or defund the Consumer Protection Bureau at all because those cuts are a drop in the bucket compared to the $1.2 trillion deficit.

Any approach to deficit reduction has to have both revenue increases and spending cuts. One or the other won't work by themselves.

Posted by: Sick and tired at September 25, 2012 4:00 PM

So, Mitt paid $2M dollars in Federal Taxes in 2011. How much did you pay Sammy? And what "rights and protections" does he enjoy for his largess that you don't? Is this "fair"?

Posted by: Mike678 at September 27, 2012 1:57 PM
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