There are not enough of them.
[B](CNSNews.com)[/B] - When he presented his plan for dealing with the national debt last week, President Barack Obama suggested a number of ways he would like to increase taxes on people he referred to as “millionaires and billionaires.”
However, [URL="http://www.irs.gov/pub/irs-soi/histab3.xls"]recently released statistics[/URL] from the Internal Revenue Service indicate that taxing away 100 percent of the income of every American who earned $500,000 or more in 2009 would still have left the United States with a massive annual deficit.
In fact, in tax year 2009 (the last year for which IRS has published statistics), the combined gross income of all Americans earning $500,000 per year or more was about $1.03 trillion ($1,029,256,075,000.00) of which these Americans paid $256.7 billion ($256,699,499,000.00) in federal income taxes.
That left this group of Americans about $773 billion ($772,556,576,000.00) in income that the federal government had not taken away in income taxes.
Also during tax year 2009, according to the Bureau of the Public Debt, the national debt increased by $1.61 trillion ($1,611,544,812,899.90).
If the federal government had increased the income-tax rate on Americans earning more than $500,000 to 100 percent in 2009--and seized the remaining $773 billion in income it had not initially taken away from these Americans--that would have closed the federal deficit for the year to $839 billion ($838,988,236,899.90).
After taxing away 100 percent of the income of those earning $500,000 or more in 2009, the Obama administration would still have needed to increase taxes on Americans earning less than $500,000 by a total of $839 billion--just to balance federal accounts for the year.