I read this comment on youtube about how corporations are taking really high profits and that if we heavily taxed it we could pay off the deficit. I know that most people here want lower taxes but how would i counter this argument that if we heavily tax the 1.75 trillion dollar profits we could pay off the deficit. Here is what he said:
That's the stupidest statement I've heard in a while. If you kill every millionaire you eliminate over 50% of the tax revenue. Plus total corporate profits so far this year is $1.75 trillion. With 100% corporation tax that would eliminate the entire deficit and bring about a surplus of around $700 billion just from 1 years profits.
I'll suggest a better scenario. If the Bush tax cuts expired on the rich and military spending was eliminated the budget would be balanced.
By the way I'm not the guy in the video who is replying to him.