Quote:
(CNSNews.com) – Taxing millionaires and billionaires more – a position advocated by billionaire Warren Buffett and President Barack Obama – won’t make much of a dent in the national debt or the record federal budget deficits, a new study finds.
“Even taking every last penny from every individual making more than $10 million per year would only reduce the nation's deficit by 12 percent and the debt by 2 percent,” the non-partisan Tax Foundation’s David Logan writes.
Taxing millionaires at an effective tax rate of 50 percent would raise only $120 billion more, according to Tax Foundation calculations based on IRS data.
Taxing those who make $10 million or more at an even higher rate, as Buffett advised, would also do little to reduce the deficit and debt. Tax Foundation calculations indicate that taxing these individuals at an effective rate of 100 percent would only net the government $186 billion, reducing the deficit by 12 percent and the debt by an additional 2 percent.
In fact, the only way for the government to solve its fiscal issues with revenue would be to confiscate every single dollar from every single American making $200,000 or more per year, the study said.
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http://www.cnsnews.com/news/article/...ion-won-t-solv
I know, he never said it would 'solve' the problem. Point still is that raising the individual tax rate on anyone, rich or really rich, won't fix the revenue/spending issue. I would imagine that if someone ran the numbers on broadening the tax base, they would come to the same conclusion.
Effectively closing the corporate taxation loopholes and simplifying the overall taxes applied against 'businesses' and individuals, perhaps with something as crazy as a 'flat tax', along with some massive, massive cuts to all sectors of government spending, including entitlements, seems to be the only viable solution.
Of course, it does make us feel better if we say tax the rich more. They can afford it, right?