Wednesday, October 28, 2009
"To Close the Deficit, Federal Income Tax Rates Would Have to Nearly Triple"
It's so bad, we can't even tax our way out of it.
So, do you think they'll slow down on government spending now?...
So, do you think they'll slow down on government spending now?...
This depressing gem is from The Tax Foundation website:
"Federal government spending levels are so high that even if policymakers were willing to stop debt-financing government services, the federal tax system in its current form wouldn't be able to raise that much," said Tax Foundation Director of Policy and Communications Bill Ahern, who authored the report, 'Can Income Tax Hikes Close the Deficit?' The paper is No. 197 in the Tax Foundation Fiscal Fact series and is available online at http://www.taxfoundation.org/publications/show/25415.html.
'If high-income people had to pay a federal tax rate over 90 percent, plus state and local income taxes and other taxes, total tax rates would be well over 100 percent for many households,' he said."
