Joe Biden claimed last night that it was mathematically impossible to pay for the 20 percent tax rate reduction Romney is proposing without closing the mortage interest deduction and the health care deduction the middle class uses. It is, in fact, not impossible to do so, though it would be difficult. However, I am actually in favor of eliminating the mortgage interest deduction, and so is just about every economist, left and right. But let's talk about some math that actually is impossible. Obama-Biden plan on balancing the budget by raising taxes on millionaires. Here's Biden last night: So Biden and Obama believe those 120,000 families can pay "a little bit more" (as Obama is fond of saying), and that will balance the budget. Here's Obama: All right. So how much is that deficit those millionaires and billionaires are going to be paying down? US budget deficit tops $1 trillion for fourth straight year It's been as high as $1.4 trillion under Obama, but let's gift him a little bit and round down to an even trillion bucks. Biden says "120,000 families". Well, let's fact check that. http://www.irs.gov/uac/SOI-Tax-Stat...tical-Tables-by-Size-of-Adjusted-Gross-Income Open the spreadsheet for "Size and Accumulated Size of Adjusted Gross Income" for 2009 (latest year available). When you add up all the returns for everyone who earns a million dollars or more a year, you come up with 236,883 returns filed. So what does "a little bit more" mean in ObamaSpeak™? $1 trillion divided by 236,883 comes out to an additional $4,221,493.31 each filer would have to pay in income taxes. That's on top of what they already pay. Obviously, someone who "only" earns a million won't be able to pay an additional $4,221,493.31. But nevermind all that. Look at the total income of everyone who earned more than $1 million in 2009. And remember that 2009's deficit was $1.4 trillion. That's right. The total income of everyone who earned more than $1 million was $726,910,880. If you taxed everyone who earned more than a million dollars at 100%, you would only pay for seven one-hundreths of one percent of the deficit. If you cut ten dollars of spending for every dollar you raised their taxes, you would only lower the deficit by 7 tenths of one percent. . . .