"Senate Democrats are rewriting portions of President Barack Obama's jobs bill to include a new 5 percent tax on income above $1 million."
"According to the IRS, in 2008 there were 321,294 U.S. taxpayers with an adjusted gross income of $1,000,000 or more." A 5% tax on them would draw over $32 billion dollars, as only about 141 thousand of the total is $1-1.5 million a year. The roughly 180 thousand remaining make over $1.5 million a year.
In class we went over the 2012 U.S. Budget, showing a $1.1 trillion dollar deficit. If a 5% tax was set in place (using numbers from 2008,) the deficit could be down a bit from the current $1.1 trillion
Sources:
http://www.irs.gov/taxstats/indtaxstats/article/0,,id=96981,00.html
http://www.washingtonpost.com/wp-srv/special/politics/30-years-spending-priorities-federal-budget-2012/
http://www.msnbc.msn.com/id/44785065/ns/politics-capitol_hill/#.TpnW_PYr27s
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