Can taxing "Millionaires and Billionaires" solve the deficit?

We know that the eliminating the so-called tax break on jets might raise an entire billion dollars or so over the next ten years, and that it really isn't a tax break as the president claims because different assets do really depreciate at different rates. But what about if we took all the money earned by those evil "Millionaires and Billionaires," wouldn't that solve our problems? Our deficit is so large that the above diagram from Stossel's show says the answer is "no." If you watch the youtube version of the show, my son Maxim's segment starts at about 11 minutes into the video.



Blogger MikeJ said...

I think this video illustrates the point better: http://www.youtube.com/watch?v=661pi6K-8WQ

7/12/2011 12:41 AM  

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