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Taxing Millionaires & Not Eliminating the Deficit | Taxation Brief

Taxing Millionaires & Not Eliminating the Deficit

Tax Foundation:

The federal deficit has grown so large that tax increases only on America’s millionaires will not be our silver bullet. Even if the government took all of the income earned by those who have an after-tax income of $1 million or more, the amount of revenue generated would fall far short of eliminating the deficit.

While the concept seems a bit ludicrous, the idea that taking all of the income from the very-wealthy will not solve the deficit problems, ignoring how that would affect production and consumption, is illustrative of the fiscal problems this country faces.