Feb. 16th, 2010

allen: extras (extras)
From the CBO
projected deficit for 2014: $475 billion

back of the envelope calcuations )

current highest tax bracket: 35%

new $1 million tax bracket that would cover the entire 2014 deficit: 78%

So if somebody is worried about future US deficits, then maybe we should start by proposing a new 78% tax bracket for all income over $1 million (with the associated AMT and capital gains taxes to make it stick). And we can negotiate from there.

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