According to the textbook,if the government had taxed everyone who earned more than $1 million an income tax rate of 100 percent in 2012,the budget deficit for that year would have been completely eliminated.

Question

Quizplus · Accepted Answer

While taxing everyone who earned more than $1 million an income tax rate of 100 percent would generate a significant amount of revenue, it would not completely eliminate the budget deficit. The deficit in 2012 was over $1 trillion, and total income earned by those making over $1 million was estimated to be around $700 billion. Therefore, even if all income over $1 million was taxed at 100 percent, there would still be a significant deficit remaining.

According to the Textbook,if the Government Had Taxed Everyone Who