The Committee for a Responsible Federal Budget suggests 2 tax increase measures that would make the current unsustainable fiscal situation less dire. Increasing the corporate tax rate to 28% from the current 21% would generate an estimated $1.315 trillion and imposing a minimum 20% tax on high wealth individuals would generate another $360 billion, eliminating the $1.6 trillion deficit. If you add closing foreign corporate tax loopholes you'd generate $240 billion and increase the top tax rate back to 39.6% (where it was before the Trump tax cuts) you'd get another $195 billion. That would mean a balanced budget PLUS the ability to reduce the debt by $335 billion per year.

The Committee for a Responsible Federal Budget suggests 2 tax increase measures that would make the current unsustainable fiscal situation less dire. Increasing the corporate tax rate to 28% from the current 21% would generate an estimated $1.315 trillion and imposing a minimum 20% tax on high wealth individuals would generate another $360 billion, eliminating the $1.6 trillion deficit. If you add closing foreign corporate tax loopholes you'd generate $240 billion and increase the top tax rate back to 39.6% (where it was before the Trump tax cuts) you'd get another $195 billion. That would mean a balanced budget PLUS the ability to reduce the debt by $335 billion per year.

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