Taxing the Wealthy to Balance the Budget Will Not Work
Some argue for taxing the wealthy to reduce federal deficits. However, hiking taxes on taxpayers in the two highest brackets would increase their tax rates to mathematically impossible levels. To close the 2035 deficit, the top two tax rates would increase to 159 percent and 166 percent, and in 2050 they would reach 236 percent and 246 percent.
To view the interactive version of this chart, please update your browser to its most current version or switch to an alternate browser.
CURRENT TAX RATES AND TAX RATES NECESSARY TO CLOSE DEFICIT
Sources: Internal Revenue Service and Congressional Budget Office (Alternative Fiscal Scenario).