Macroman Wrote:
Dec 05, 2012 7:36 AM
"If Congress imposed a 100 percent tax, taking all earnings above $250,000 per year, it would bring in about $1.9 trillion. That would keep Washington running for 190 days, but there's a problem because there are 175 more days left in the year." And of course there are more years in the future, but after being taxed at 100%, none of those rich people would be around to pay *any taxes at all* in the future, making the deficit problem far worse for all those years. "Taxing the rich" to pay for the welfare state is a flight from reality, a daydream that only provides an excuse for not facing up to the reality of the budget mess.