There has been a great deal of debate about whether a tax on the rich–a Buffett tax–would substantially shrink the federal budget deficit, or perhaps eliminate it completely
A new study from The Pew Fiscal Analysis Initiative claims that is theory is not true. To cut the deficit would also involve huge reductions in federal spending.
Under certain scenarios, increasing only the top two or top three income tax rates alone to almost 100 percent would not raise enough revenue to achieve a 60 percent debt-to-GDP target in specified years. Therefore, to achieve the debt targets under these scenarios, an increase in the top income tax rates would need to be combined either with spending reductions, other revenue measures, or both.
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