| irstupid said: I don't get this article if the rich paid more taxes that won't fix out debt problem at all. WE are tooo far in debt. hell if the rich all paid 100% of their taxes this year, no exception, the debt still would not be even dented. |
US deficit is ~15 T, increasing at ~2T a year
The top 1% of US earns an average of $380 354/year http://www.financialsamurai.com/2011/04/12/how-much-money-do-the-top-income-earners-make-percent/
These pople pay on average 23.27% tax (same source). Assuming that in this top 1% they all pay that 23.27% rate, then increasing their taxable amount to 100% would give an extra $380 354 * 0.7673 /person/year = $291 845.6 /person/year.
With a population of 307 006 550, the top 1% is 3 070 065.5 people. Multiplying these two numbers together gives 0.9 Trillion/year. This is nearly half the increase in deficit. I would certainly describe 45% as a dent.
Note. I am not suggesting that this is a sensible idea, please do not assume I am. My point was merely that the statement quoted in this post is incorrect.
