So, last night I presented data that demonstrated you would have to lift every single dime in income from those making $200,000 or more to cover the deficit. Not pay the bill for the year, just pay the deficit.
What if we just go after those making $500,000 or more a year? The really rich?
Start with a $1.5 trillion deficit. Back out the taxes paid by those making over $500k. You now have $1.85 trillion to cover.
How much do the folks who bring in $500,000 or more make as a group? They make $1,270,000,000. That’s it.
If you call being rich as making more than $500,000 a year rich, then you have to take all of it. Everything they make. ALL. And you still are short $600,000,000,000.
You can not tax your way out of this.
