Double taxes on the rich and you still wouldn’t balance the U.S. federal budget
Here is some fun tax information: The top five percent of tax filers in terms of adjusted gross income earned $3.3 trillion and paid $676 billion in taxes in 2007. (That accounted for 61 percent of taxes, by the way.) So if we doubled their average tax rates, America would still be running a budget deficit for years to come. And that assumes no economic impact from the higher tax rates.