Taxing the Rich Won't Increase Revenues

See Mr. Obama: Taxing the Rich Won't Increase Revenues by Michael Barone AEI. Excerpt:

"...as a matter of simple arithmetic, as is clear from a chart reproduced on the Wall Street Journal editorial page showing the total amounts of taxable income of each group.

The chart showed that if the government had simply confiscated every dollar from those reporting more than $1 million taxable income in 2008, it would not have gotten the $1.3 trillion needed to close the current federal budget deficit."