He proposed raising taxes on those earning more than $1 million, with yet more taxes for those earning more than $10 million.
That beggars the question: what difference would it make? I could go to the theater every day, but it would not make me a movie star.
The Tax Foundation went to the IRS itself for statistics. They were curious what the result would be if the government confiscated ALL the income of those earning $10 million or more.
Here is the result:
|Source: Tax Foundation|
All that, and we would reduce the deficit by only 12% and the national debt by 2%? But I suspect that you already knew the answer, didn't you?