Em. 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'

Em. 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)