What Would It Take In Taxes To Erase The Deficit?
If you were wondering what it would take in terms of tax rates, to “erase the deficit”, the Tax Foundation [pdf] provides a couple of handy, dandy charts for you:
Note – this only “erases the deficit” – it does not even make a small dent in the debt which stands somewhere in the 11 trillion dollar area.
So when you hear that all this new spending, which will indeed raise the deficit, won’t raise your taxes by a single “dime”, you can believe it if you wish. But that doesn’t mean it is true. And it certainly doesn’t mean Democrats can keep that promise. Because if they do, they’re simply kicking the same can down the road that Republicans have for years (and no, I’m not advocating massive tax increases, I’m just providing a little reality check to counter the nonsense the politicians continue to spout). The alternative to the tax rates above is to cut spending – drastically. If you see that on the horizon you’re the only one because Congress just raised the debt ceiling – again.
[HT: Tax Prof]