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Fun fact: if we taxed all income over $500,000 at a 100% tax rate it wouldn’t even cover our current budget deficit, let alone allow for such a massive spending
by zeroonetwothree 2y ago
Fun fact: if we taxed all income over $500,000 at a 100% tax rate it wouldn’t even cover our current budget deficit, let alone allow for such a massive spending increase.
- deleted 2y ago[deleted]
- patrickthebold 2y agoSource?
- Aloisius 2y agoEm. People filing returns over $500K reported an aggregate AGI of $3.8 trillion for 2022. After subtracting out the $981 million in income taxes they paid, you'd still be left with about $2.8 trillion, about a trillion more than the deficit. Not that they wouldn't immediately shield their income if you tried. Still, I don't see any issue with maximizing our tax revenue from the top 1% by increasing their taxes until total revenue starts to drop, though I'd also be happy just dramatically increasing inheritance taxes and eliminating tax shields since billionaires still die regularly. Source: https://www.irs.gov/statistics/soi-tax-stats-individual-statistical-tables-by-size-of-adjusted-gross-income https://www.irs.gov/statistics/soi-tax-stats-individual-stat... (Table 1.1, row 57)
- WeylandYutani 2y agoThere are entire skyscrapers filled with people whose job it is to make sure rich people pay as little tax as possible.