Monday, November 02, 2009

For those of you who think Obama's deficits don't matter:

The Tax Foundation has run the numbers to see what the tax rates would have to be to eliminate the deficit (not pay off any of the national debt mind you, this would just be not going any further into the hole). It's grim:

Using the Tax Foundation’s Microsimulation Model, we can project how much revenue a
broad-based increase in federal income tax rates would generate. However, when the rates
necessary are spelled out, it becomes apparent that deficits this large simply cannot be closed
with higher federal income tax rates. This year and for several years to come, even if
congressmen were willing to present the full bill to the taxpayers in the form of higher taxes
to match their spending level, they could not do so.

It's your money. Read the whole thing.

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