The CBO is predicting $2 trillion dollar annual deficits for the government as far as the eye can see. Approximately 917,000 taxpayers have incomes over one million dollars. If we confiscated every dollar that they earn, we would barely cover the deficit. I hope you that that anything even approaching 50percent is a non-starter.
Forty three percent of Americans who earn $50,000 or less pay a negative 4.8 percent in taxes. This information verifies that we will have to get more revenue from everyone, both rich and poor because we will not even be close to covering the deficit.
Check out this article: Are the Rich Paying Their Fair Share?
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