For example, what would a 100% income tax on all those who earn over $10 million amount to? I'm not taking about a wimpy marginal rate, where one might tax only those dollars of income over $10 million (leaving the taxpayer $10 million). No, I'm saying you find all those who made more than $10 million and take every last penny -- an absolute tax of 100%.
Our federal government alone is spending more than $10 billion a day. Thus, a 100% confiscation of all income of those making more than $10 million would amount to less than 24 days of federal spending.
If we drop that "tax" point down to $1 million, the picture changes radically. The IRS says 236,883 Americans filed returns with more than $1 million in income. They reported a total income of $726.91B. While that is a lot of money, it's less than just Medicare and Medicaid, which cost $1 trillion together.Confiscating 100% of all income from those who made over $1M funds the federal government for 72 days.