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.
http://www.youtube.com/watch?v=L-N19...eature=g-all-c
By the way I'm not the guy in the video who is replying to him.
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