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Response to mostlyconfused (Reply #25)

Tue Dec 18, 2012, 11:54 PM

28. How about a 79.6% rate or a 94% rate?

Apply a 79.6% rate on taxable income above $200K
> Additional tax collected at the new rate: $244 billion, or 22% of last year's annual deficit

Apply a 94% rate on taxable income above $200K
> Additional tax collected at the new rate: $322 billion, or 29% of last year's annual deficit

Why not, tax it at 100%
> Additional tax collected at 100% rate: $354 billion, or 32% of last year's annual deficit

Then raise the capital gains rate on people in that income bracket to 100% as well. Basically capping personal incomes from all sources in this country at $200K. Nobody is allowed to make more than $200K. In other words, take the full $758.4 billion. You'll cover 69% of one year's worth of annual deficits. That's at a $1.1 trillion deficit. So far it looks like this year will be bigger. And assuming that income would be there to tax the next year and the year after (which it would not), you'd still be running $300-400 billion deficits every year and be trillions deeper in debt a decade from now.

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democrattotheend Dec 2012 OP
PoliticAverse Dec 2012 #1
democrattotheend Dec 2012 #6
freshwest Dec 2012 #2
John2 Dec 2012 #3
Myrina Dec 2012 #4
Dustlawyer Dec 2012 #5
grahamhgreen Dec 2012 #7
mostlyconfused Dec 2012 #12
grahamhgreen Dec 2012 #13
mostlyconfused Dec 2012 #14
grahamhgreen Dec 2012 #17
mostlyconfused Dec 2012 #15
grahamhgreen Dec 2012 #18
dkf Dec 2012 #26
grahamhgreen Dec 2012 #29
dkf Dec 2012 #34
plethoro Dec 2012 #8
JDPriestly Dec 2012 #9
olddad56 Dec 2012 #10
humbled_opinion Dec 2012 #11
mostlyconfused Dec 2012 #16
Redfairen Dec 2012 #19
grahamhgreen Dec 2012 #20
mostlyconfused Dec 2012 #21
grahamhgreen Dec 2012 #22
democrattotheend Dec 2012 #23
grahamhgreen Dec 2012 #24
mostlyconfused Dec 2012 #25
mostlyconfused Dec 2012 #27
LineLineLineLineLineNew Reply How about a 79.6% rate or a 94% rate?
mostlyconfused Dec 2012 #28
grahamhgreen Dec 2012 #30
mostlyconfused Dec 2012 #31
grahamhgreen Dec 2012 #32
mostlyconfused Dec 2012 #33
wordpix Dec 2012 #35
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