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Those other initials taxing the rich has been the answer for many big government spending plans but now it seems -- well to do.
Might not be able to do it at all Peter Barnes had this stunning story that well applied to everybody here.
-- strike date and David time for a trip -- the way back machine a top marginal tax rate.
Which we haven't seen since the 1960s that's one scenario for the wealthy.
To -- trillions of dollars in deficits if the government does not cut spending in the future and does not increase taxes on everyone including the middle class something the President Obama has promised he will not you know.
So if that happens right if there are no if none of these cuts or tax increases for -- -- body happens.
The individuals making more than 200000 a year and families making more than 250000.
Could be hit hard.
Just to cut the deficit to 3% of GDP in ten years the president's goal.
The Tax Policy Center estimates the top marginal rate would have to -- the 77%.
On the wealthiest earners.
And that would operate about 600 billion a year the center says that they get deficits down to 2% of GDP in ten years the top marginal rate for these taxpayers would have to jump to 91%.
Which would help raise nearly 800 billion dollars a year.
But the analyst -- these numbers says not possible without possibly harming the economy and without encouraging.
Massive tax dodging by the wealthy which we're just reduce government revenues.
The real solution must include cutting spending.
We cannot allow things to go forward even in the short run.
Because of skyrocketing health costs.
We have seen -- in health care debate.
Health costs will take over the economy.
Will take over 50% of the federal budget in the next decade or two.
So we'll have to bring spending down mostly in the entitlement side.
And Bob Williams says that no matter what -- -- Obama promises.
Tax increases in the for the middle class have to be part of the solution.
David and they get back.
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