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Response to mostlyconfused (Reply #25)

Tue Dec 18, 2012, 11:41 PM

27. One correction to my math...

I was off on my taxable revenue figure by about $35 billion, because I said let's look at taxable income above $200K, but then I subtracted $250K from each of those returns instead of $200K. Here's the corrected math...

> Number of returns in that category in 2009: 723,191
> Total taxable income from those returns: $903.1 billion
> The portion from returns in excess of $200K: $758.4 billion
> Of that, the portion not from capital gains: about $535 billion
> Tax collected on those dollars at a 34% rate: $182 billion
> Additional tax collected at a new 39% rate: $27 billion

So I was mistaken. It would take 26 years to get to $700 billion, not 28 years.

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