FYI, the total taxable adjusted gross income for all federal income tax returns filed by individuals in the U.S. in 2007 was $8,799,000,000,000.
A flat tax of 20% on all of that income would generate $1,759,800,000,000 in revenue.
For comparison, in 2007 we collected $2,568,001,000,000 in TOTAL revenue and $1,533,710,000,000 in income tax revenue. We ran a deficit of $160,701,000,000 in 2007. So if everyone ACTUALLY paid their "fair share" as Democrats like to say, we would have had a surplus of around $70 Billion dollars.
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