For anyone who wants to discuss the revenue side of the budget debate knowledgably, I highly recommend spending some time with the IRS's Statistics on Income. Table 1.1 under Individual Statistical Tables is a good place to start: http://www.irs.gov/pub/irs-soi...In other words, using his (unrealistic) "best case" and "static" assumptions, returning to Clinton era tax rates on the "rich" (incomes over $200k) would only raise $59 billion, a pittance compared to our $1.6 trillion deficit.
You can see, for example, that total taxable income in 2008 was $5,488 billion. Taxable income over $100,000 was $1,582 billion, over $200,000 was $1,185 billion, over $500,000 was $820 billion, over $1 million was $616 billion, over $2 million was $460 billion, over $5 million was $302 billion, and over $10 million was $212 billion. Effective tax rates as a percentage of taxable income seem to top out around 27%.
You can estimate the effects of various proposals in the best case, which is that each percentage point increase in the marginal rate translates to an equal increase in the effective rate. Going back to 2000 ("Clinton era") marginal rates on income over $200,000, let's call it a 5 percentage point increase in the marginal rate, would therefore yield $59 billion on a static basis.
I didn't find Trimalchio source but, if you want to look at the numbers yourself, I did find similar information from irs.gov for 2005 here (PDF) in Figure B.
Hat tip: Instapundit.
•3M: “Politicians forget that business has choice"
•Obamanomics and the prolonged recession
•How to lie with statistics
•Obamacare: Corporatism in action
•Obama 0, Germany 1:
• Medical insurance prices rising due to ObamaCare
•Laws of Economics 1; Obama 0
•Why Liberal economics fails: redistribution does not create wealth (Illustrated)
•Obamacare endangers student health
•Why business isn't hiring
•Dodd-Frank finance "reform" bill stops bond market cold
•Why unemployment insurance must be extended (illustrated)
•Obamanomics still failing, Washington Post discovers
•Russia goes supply-side
•Study: Liberals are economically illiterate