allen: extras (extras)
[personal profile] allen
From 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.


allen: (Default)

Page Summary

Active Entries

Page generated Oct. 17th, 2017 07:52 am

Style Credit

Expand Cut Tags

No cut tags