Yes they are +Margaret Leber
It's like an unpaid credit card bill. Somebody has to pay. You can't get blood out of a turnip. Tax the bottom 40% out of every dime they make and you won't cover it.
Taxing them at 30% you get about 200Billion in revenue(who knows how much further into poverty you push them) or reduce your 14 trillion down to 12 in ten years. If you tax the lower 40% of this country by 80% they still only generate 35% of the Revenue. You would still have Deficits.
progressive taxation means that those who make more pay more.
So, if the top 20% don't contribute more, the next two brackets DO pay more. Since the 40-60% section/quintile makes as a houshold income 35-55 Thousand, you aren't going to get much out of them either.
Again, its Very amusing that the 50-100K folks suggest that the top 20% don't go back to 35% or so, Since what you suggest "they are being very generous with Their money" because to make up that difference in revenue they go to 25% from 15%. Ironic since that isn't even on the table. Yes, These people the 50-100K are being very generous with other peoples money.
You can tax the bottom 60%(these evil Takers) of this country at 50% and you don't get to a balanced budget. I can tax the top 20% at the same rate and I get one immediately.
an across the board increase of 10% on all brackets gets us into the Black, but taxing the bottom. But I don't know why you would do that when you can get almost the same revenue by taxing the top 2 quintiles by 10% the middle by 5% and leave the other two. WHY? BECAUSE THEY DON'T MAKE ANY MONEY TO BE TAXED.
It also make even better sense to move the top bracket to where it was in 2000 and a modest increase to the second, leave the rest alone and if the economy can recover a little more, we could hit a balanced budget, in a year or two.
Certainly some cuts to spending would be nice, but the best ones are in the defense budget, It seems like that is never a possibility. In fact I remember Mitt Romney wanted to increase that spending by 2 trillion dollars. Somehow all the cuts proposed tend to be in insignificant things that barely reduce the budget by .25% or .05%.
Like I said, somebody has to pay the bills... and it's going to be the people "With Money" not the ones "without money", it is always that simple.