Pay Off Debt by Upping Taxes? Try Way Up
Fox News Monday 18th April, 2011
A table by Public Notice shows how much more taxpayers would have to pay of their income in order to match current spending. It's Tax Day, and the Washington chatter is all about whether America's top earners should be taxed more. But, as the dim outlook from a key ratings agency showed Monday, Uncle Sam's deficit problem is deep. And if the federal government really wanted to use the tax code to close the deficit, it turns out everybody would feel the burn. A new Tax Day study showed that if Washington wanted to balance the budget using tax increases alone, rates would have to more than double across the board -- including on the middle class -- to keep up with federal spending. As Republicans often argue, the top tier already pays a greater percentage in taxes than all the rest. The...
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