Can the top 3% of the nation reduce the exploding debt of our nation? Our government is hoping "YES".
Statistics show 2-3% of our nation is comprised of joint tax filers earning over $250,000 and individuals making at least $200,000 per year. Can this group save our nation? I do not think so. It is too small of a group to do so. Taxing the rich is NOT the answer.
Today's top income-tax rates of 33 percent and 35 percent will most likely return to 2000 levels: 36 percent and 39.6 percent. Single filers with taxable income above $192,000 and married couples filing jointly with income above $232,950 will fall into the reinstated 36 percent bracket, according to an analysis by the Tax Policy Center; the 39.6 rate will kick in above $375,700 (single or joint). For everyone else, the Bush tax cuts should become permanent.
Why don't we do what the British citizens do: they cut spending by 75% and only increase taxes by 10%.