As reported by Forbes via brainterminal:
“If the government increased the top tax rate from the current rate of 35% to 100% (yes, that’s right 100%), it would only collect an extra $400 billion this year. In other words, confiscating all the income that is currently taxed at 35% would not raise enough revenue to cover any of the annual deficits projected in the next 10 years. There is no way that tax hikes on the rich alone can pay for proposed spending in the current budget.”
Somehow I really don’ t think our reps in Washington will admit this fact and produce reasonable alternatives progressive tax that we currently have. Is it just me or do they want to make it more progressive and encourage public support by magnifying, politicizing, and dividing the US into socioeconomic groups. Where is the discussion on the fair tax?