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How high would taxes have to go to close the deficit?

Created on October 8, 2010

How high would taxes have to go to close the deficit?

Headline:

How high would taxes have to go to close the deficit?

Intro:

President Obama wants to tax the wealthy to get more money, so he plans to hike the top income tax rate to 39.6 percent. But taxing the rich to close the deficit would require a top tax rate of 134 percent. Unlike Obama’s current plan to tax the wealthy, which would slow the economy, this would crush it. And of course it’s impossible to tax income over 100%.

Source: Heritage Foundation calculations based on data from the White House Office of Management and Budget.

Other text:

Top tax rate needed to close deficit of $1 trillion in 2020 100% 39.6% Top tax rate in 2011 under Obama’s

tax plan 35% Current top tax rate Entitlements heritage.org How high would taxes have to go to close the deficit?