NO, the US govt does Not need this tax money from most at 70 and 1/2, if the Bush tax cuts for the rich are still on the books. How much have we lost, plus interest??
And all the corrupt 'loopholes' and individual 'rifleshots' in the tax code. Yikes !!
And all the waived taxes, like $2B/yr by California in the only state without an oil extraction tax. Add it up, over decades, and that is a lot of waived potential tax.
Or taking the about $129k tax ceiling off SSN taxes !! How much is that, since day one off SSN ??
Or tax breaks for profitable companies like GE that should be, if we had truly 'Honorable' Congressfolk, paying huge taxes to the USA every year.