If 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/s

If 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.