Reply #3: Here's how to eliminate the debt in 6 years with no cuts to any services: [View All]

[grahamhgreen]

Eliminating the Bush tax cut (4% increase) will raise 700 billion in revenues in 10 years, according to the President.

Which means a 40% increase on the top tax rate to a rate similar to the pre-Reagan rate of 79.6% would yield 7 trillion in 10 years.

A 58% increase to 94% would yield over 10 trillion dollars over the next 10 years.

So our deficit of 1.3 trillion would be gone in a little over a year and our DEBT would be gone in under 10 years (as we pay it down).

Simple! Done and done - and we haven't added the critical taxes to investment income yet!

2010 Y1: 14T - 3T (2T normal revenues plus additional 1T from tax on ultra-rich) = 11T debt
2011 Y2: 11T(debt) + 1T(deficit) - 3T = 9T debt
2012 Y3: 9T(debt) + 600B(deficit) - 3T = 6.6T debt
2013 Y4: 6.6T(debt) + 700T(deficit) - 3T = 4.3T debt
2014 Y4: 4.3T(debt) + 800T(deficit) - 3T = 2.1T debt
2015 Y5: 2.1T(debt) + 800T(deficit) - 3T = .1T debt
2016 Y6: .1T(debt) + 900T(deficit) - 3T = +2 Trillion SURPLUS!!!