Our revenue is about $2.4T. Entitlements are $2.0T.
Taxing the rich at 100% would generate about $2T in additional revenue each year. Which would pretty much cover entitlements. Of course its absurd to do that -- and its not as if people will continue to generate revenue if all of it is taxed, but lets not spread myths, even in hyperbole.
Maybe not this year, but according to the CBO Social Security enters a deficit this year (originally projected to be 2016). And in any case, cutting discretionary and defense spending to 0 is an unobtainable watermark, as is taxing the rich at 100% as you point out. The deficits being run by Social Security and Medicare will only expand as the Baby Boomers retire. Can we agree there is no budget solution that does not include entitlement reform?
That's not true. See: http://en.wikipedia.org/wiki/2010_United_States_federal_budg...
Our revenue is about $2.4T. Entitlements are $2.0T.
Taxing the rich at 100% would generate about $2T in additional revenue each year. Which would pretty much cover entitlements. Of course its absurd to do that -- and its not as if people will continue to generate revenue if all of it is taxed, but lets not spread myths, even in hyperbole.