ERD50
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
In 2005, the top 1% averaged $1.07 million after all federal taxes.
Multiplying by 1.13 million families in the top 1%, I get $1.2 trillion in after federal tax income.
If that number grows as fast as the projected (nominal) GDP between 2005 and 2015, it will be $1.8 trillion.
The projected budget deficit for 2015 is $606 billion.
It looks like it would take about 1/3 of the after federal tax income to cover that deficit.
Again, I wouldn't recommend that. But I would say that we could cover about a third of the deficit by increasing the average FIT rate on the top 1% from 19% to about 27%.
So you say raising the avg rates on the top 1% from 19% to 27% could (statically modeled) collect about 1/3 (29% by my calcs) of that deficit. Where does the other 67%-71% come from?
-ERD50