Economics 101

From The Silicon Greybeard:

The fact is, this is a spending problem. If you confiscated every single penny from every billionaire in America, you couldn't fix the deficit. According to this link, if you confiscated every single penny of income from the top 1% of taxpayers, you couldn't pay off this year's deficit. In fact, the top brackets pay a higher percentage of the tax burden than ever before:

Never forget that while it's not a fundamental characteristic of the universe and is not a physical law, Hauser's Law always seems to be true. If that bothers you, the laws of thermodynamics aren't fundamental physical laws, either. Hauser's Law and the First Law of Thermodynamics enjoy essentially the same status.

Go read the whole thing.