Quote:The United States government currently makes 2.8 trillion per year in revenue.  We're running at a deficit of 700 billion dollars per year.  Income tax accounts for 1.3 trillion of the US government's revenue.  Its not hard to do the math.

 

Another trillion or so come from FICA, which is the regressive income tax that rich people don't have to pay. 10% comes from corporations.

 

http://www.cbpp.org/cms/?fa=view&id=3822

 

If Coporate income tax receipts were quadrupled to put their share back around 30-35% then we'd have a surplus and could start paying down the debt again.

 

Of course we could also eliminate the notion of capital gains and start charging them at the full income rate to pay down the debt even more quickly.

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