If corporations and households with $1 million income paid at the same levels they did in 1961, the Treasury would collect an additional $716 billion a year.
Corporations benefit from tax breaks and loopholes, while armies get fortunes from governments. Without sacrificing social programs, there are better ways to balance the budget.
Congress could raise more than $4 trillion in revenue over the next decade by reversing years of tax giveaways to the richest Americans and largest corporations.
Reversing tax giveaways to the super-rich and the nation’s largest corporations could raise $4 trillion within a decade and avert possible government closures.