Reply to How can we reduce the national debt by $1 trillion?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Tax the super rich. No one should have enough money to buy a president anyway. Solves two problems. [/quote]

Cato, 2023 ran the math.

If Congress confiscated every dollar earned by individuals and businesses past their first $500,000, it would still be about $200 billion short of covering the cost of next year’s projected $1.7 trillion deficit—unrealistically assuming no behavioral or other economic effects from taxing 100 percent of earnings.[/quote]

CATO's math ain't mathin.  Such a tax on corporations alone would generate around $2.25 trillion, plus another $720 billion if it were done to individuals, far exceeding the $1.7t deficit.

Now I'm not saying a proposal to tax all revenue and income over $500,000 is a good idea, but it does certainly show that we could and probably should start taxing corporations a bit more to help make up the deficit.

But that's CATO's job, to masquerade as a "think tank" to put out propaganda protecting big corporations and oligarchs from taxation and regulation.[/quote]

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