Justin Hohn writes in American Thinker How Much Taxation Would Fund Current Spending?, 12/12/12
Using 2009 data, the IRS says that 8,274 tax returns were filed with incomes over $10 million. The total amount of income on those returns was $240.1 billion.
Our federal government alone is spending more than $10 billion a day. Thus, a 100% confiscation of all income of those making more than $10 million would amount to less than 24 days of federal spending.
Confiscating 100% of all income from those who made over $1M funds the federal government for 72 days.
Confiscating 100% of the income from those who made more than $200K funds the federal government for only about six months.
The data indicate that 17,446,537 tax returns showed an income over $100,000. These returns represented a total income of $3.765 trillion.
Estimated 2012 spending comes in at $3.796 trillion (refer to page 205 here). This is still $30 billion more than a 100% confiscation of the annual income of all Americans that reported more than $100K of income for 2009.
Taxing 100% of all individual income over $100,000 will not cover our current expenses . The obsession with higher taxes has little merit toward a functional solution. You can rest assured that even if you could tax at a rate of 100% you would not be able to do it twice. In the second year there would be nothing to tax.Even at much lower rates wealth is fleeing the high taxes of Britain and France.