In April I spoke about taxing the rich. Basically, you can’t tax ’em enough.
But for fun, let’s try; the highlights:
- The deficit is $1.5 trillion.
- People making more than $200,000 a year paid $5.3 billion.
- Back out those taxes and the deficit is about $2 trillion.
- People making more than $200,000 a year made, in total, $2.4 trillion.
If you tax the people making more than $200,000 a year at a rate of 100%, you cover the deficit and have $400 billion left over.
You would have to tax every single dime those people made.
At what point would taxing the rich reach the point at which the Leftist would be willing to cut Social Security? Medicaid? Medicare? Unemployment?
If it were me, I’d compromise. I’d offer $1 in tax raises for each $10 in spending cuts.
“Raise taxes on airplanes?” Fair enough, cut spending 10 times that much.