100% Tax Rate?

What would a 100% income tax on all those who earn over $100 thousand amount to?  I'm not taking about a wimpy marginal rate, where one might tax only those dollars of income over $100 thousand (leaving the taxpayer $100 thousand).  No, I'm saying you find all those who made more than $100 thousand and take every last penny -- an absolute tax of 100%.

 

Check these facts out;

·       Our federal government alone is spending more than $10 billion a day.  A 100% confiscation of all income of those making more than $10 million would amount to less than 24 days of federal spending.

·       Confiscating 100% of all income from those who made over $1M funds the federal government for 72 days.

·       Confiscating 100% of the income from those who made more than $200K funds the federal government for only about six months.

·       The government spends $30 billion more than a 100% confiscation of the annual income of all Americans that reported more than $100K in income.

The bottom line is that we cannot fund our current levels of spending even if we make unrealistically charitable assumptions about taxpayer response to confiscatory tax rates and confiscate the entire annual income of every American who makes more than $100K.