3 ms·
What about raising taxes on more than the top 1%? How much would we need to raise taxes on people making more than 100k? What about more than 80k?
by lalaithion 8y ago
What about raising taxes on more than the top 1%? How much would we need to raise taxes on people making more than 100k? What about more than 80k?
- mac01021 8y agoIf you want to balance the budget without reducing spending, then you need to raise an extra 40% of the current revenue. This page (https://taxfoundation.org/summary-federal-income-tax-data-2017/ https://taxfoundation.org/summary-federal-income-tax-data-20...) shows the fraction of existing income tax revenue supplied by the various income quantiles (top 1% -> 39%, 5%-1% -> 20.5%, etc). So, if we double the revenue extracted from the 1%, we approximately meet our goal. If we double the revenue extracted from the rest of the top 5%, it only gets us half way there. (And they would then be spending half of their income on taxes) If we increase by 150% the amounts extracted from both groups, we're 3/4 of the way there.