Do not pass go, do not collect $1,900,000+
I have pondered whether President Obama's plan to tack those making more than $250K per year will make a difference. I recently read a Time Magazine article, and I can say that yes, it really will make a difference in reducing the deficit.
You see, overall, the top 0.1% of the income distribution in our country (in 2006, the most recent year data was available) was made up of 148,361 taxpayers who took home more than $1.9 million each. That does not seem like that many in a country with more than 250 million people, but these 148,361 people represent 11.6% of the personal income for our country. So, will raising taxes on these people make a difference, yes!
I am sure that they can do without the $100,000 of taxes. Heck, I could live nicely on the $100,000, let alone more than $1 million.