As you can clearly see from the above graph, even if we taxed those making $1 million per year or more at a 100% rate it would only cover about 60% of Pres. Obama's projected deficit.
I'm not talking about paying down the national debt, rather just trying to cover our illustrious President's deficit. Amazing isn't it? Even if we took every penny the "rich" made in income tax, we cannot break even. Still think we don't need to cut spending in a big way??
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