reagan on the right to free association...,
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Given that we had a deficit of $1.3 trillion even after taking in $899 billion in total income tax revenues, does anyone in his or her right mind think raising income taxes on everyone or 'raising taxes on the rich’ would solve the problem?
Yes. In 2008 the total gross adjusted wages of the top 1% were $1.68 trillion *, less $390B in taxes paid, happily leaving exactly $1.3 trillion. Simply returning to the tax schedules of the golden Eisenhower era would, in fact, solve the problem.
You could also suspend nearly half a trillion a year in tax subsidies for our wealthiest welfare recipients, and suddenly you have a surplus.
Anybody with a right mind would look at the numbers, mindful of the history the last time our debt reached this portion of GDP, and with the power of basic arithmetic conclude that 'raising taxes on the rich' -- what's the deal with those scare quotes? -- would solve the problem.
I can only conclude that Kurt Brouwer -- chairman and co-founder of Brouwer & Janachowski, LLC, a financial advisory firm that manages over $700 million for corporations, charitable groups and private investors -- cannot do basic arithmetic. His clients should probably consider taking their investment advice from somebody who can.