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I would love some help on tracking this down. It would make a compelling case for a BBA.

I have heard that if the Government maintains its current tax schedule on all taxable income up to $75K/year, and then taxes anything over $75K at 100%, it will yield incremental tax revenue of:
a. $17 billion
b. $35 billion
c. $550 billion

This, of course, assumes people will continue to work at their normal levels and not cut back (HAHAHAHAHA)

Does anyone know of a referencable source that could provide the correct numbers. Something from the IRS or CBo would be best.

Thanks in advance!

It would make a compelling case for a BBA.

The BBA is a trap.

The Laffer curve is real, when tax rates go way up, revenue goes way down.
The will of the Liberals to spend exceeds the annual GDP.

The liberals will not stop spending, and will just keep ratcheting tax rates up until all money flows through the IRS. They've got no problem if the volume of money falls, as long as they get all of it.

The point of socialist taxation is not just re-distribution, but the eventually funneling of all money through the government.

The Republicans weren't willing to defend the debt limit. With a BBA on the other side, they won't be willing to defend in the fight against higher taxes.

What would be useful is having an amendment that limited total debt and limited tax rates.

The BBA gives the same problem as the current debt limit - cut spending or raise revenues. And the Republicans are currently willing to describe going from $8T in future new debt to merely $7T as a win.

We need a new set of Republicans in office. Without that, any change in the laws are just a delaying tactic, so the current Republicans can explain why they can't do the right thing here and now.