Wonder why Obama used the number $200,000 as the point when you’ve made enough money?
Currently the Federal Budget deficit is $901,000,000,000. That is amount the Federal government borrowed this year.
Point nine trillion.
95% of individuals filing Federal income tax returns report income of less than $200,000. Only 5% report income of $200,00 or more.
If the Federal government takes all personal income over $208,660 (100% tax on income greater than $208,660) then the Federal government would have zero deficit.
Perfect solution. After all, at some point you’ve made enough money.
Source: www cbo gov