Buffetting the Rich

Back in August of last year I calculated that if the top 400 US taxpayers had their taxes increased to G.W.Bush levels, that would add $7 Billion to our government’s income. Now, Sam Pizigatti over at Campaign for America’s Future, notes that if the top 400 in 2009 were taxed at 1955 rates — from, you know, the Eisenhower years — the USG would have an additional $25 Billion to help dig us out of the Great Recession. Of course, in order to make that number commensurate with my original estimate, we’d have to subtract that $7 Billion, and so be left with a mere $18 Billion increase above my estimate. If those numbers hold down the line, a return to the Eisenhower tax rates over ten years would net the government an additional $3 Trillion above my original Buffett Rule estimate, or $4.5 Trillion total. That’s about a third of our current public debt. Meanwhile, our top 400 taxpayers would still be taking home $90 million more apiece than their 1955 forebears did. Just sayin’.

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