Make "The Rich" Pay Their "Fair Share"

Over the past 40 years, federal individual income taxes have averaged 8.3% of GDP.  Over the next 40 years they will increase to 10% of GDP even if the “Bush Tax Cuts” are extended and the AMT is indexed for inflation.  In 2007, the 3.2% of taxpayers who had adjusted gross incomes greater than $200,000 paid 55% of all individual income taxes with an average effective tax rate of 22.5%.  

If the effective tax rate on these top payers was increased by one-third to 30%, it would slow the rate of increase of the Debt, but it would still reach 100% of GDP by 2028.  By 2050 it would be 247% and growing.   Of course a bill to substantially increase taxes for “the rich” would never raise as much money as projected.  The “rich” have the means to adjust their income to minimize their taxes.  But it would be a windfall for Tax Lawyers and CPAs.