What should the rate be on the top earners?
Well, according to a poll conducted by the Hill, 75% of Americans feel that it should be 30% or less.
While Americans may feed on the chum thrown to them in the form of “Tax the Rich”, most people continue to feel that tax rates ought to remain modest.
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.