oh, and the Laffer curve is total BS
Feb. 16th, 2010 11:30 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
allenFrom the CBO
projected deficit for 2014: $475 billion
estimated GDP for 2014: $17,606 billion
From the CIA Fact Book
estimated GDP for 2007: $14,560 billion
From the IRS, 2007 tax statistics
number of income tax returns with adjusted gross incomes over $1 million: 391,261
total income of those earners: $1,401,087,152,000
taxable income of that $1.4 trillion: $1,243,801,387,000
2007 GDP = 14,560. est for 2014=$17,606 billion. so that's a 20.85% increase. if we scale linearly:
taxable income: $1,503,133,000,000
# of filers: call it 400,000
amount of taxable income over $1,000,000: $1,103,133,000,000
additional tax surcharge required to balance budget using only income of over $1 million: 43%
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.
projected deficit for 2014: $475 billion
estimated GDP for 2014: $17,606 billion
From the CIA Fact Book
estimated GDP for 2007: $14,560 billion
From the IRS, 2007 tax statistics
number of income tax returns with adjusted gross incomes over $1 million: 391,261
total income of those earners: $1,401,087,152,000
taxable income of that $1.4 trillion: $1,243,801,387,000
2007 GDP = 14,560. est for 2014=$17,606 billion. so that's a 20.85% increase. if we scale linearly:
taxable income: $1,503,133,000,000
# of filers: call it 400,000
amount of taxable income over $1,000,000: $1,103,133,000,000
additional tax surcharge required to balance budget using only income of over $1 million: 43%
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.