Take a hard look at this chart. Find your income level and drag your finger over to the column that says "Average rates under current law." That's probably not a number you like a whole lot...keep going and read your rate under the column titled "Rates needed to close deficit." If you are not yelling at your computer screen right now, you must like paying taxes. This chart comes from Investor's Business Daily in a column titled "Paying for Washington Mistakes," and it is worth a read:
The 2009 deficit was larger than the combined federal debt of the first two centuries of the country's existence. As staggering as that is to the mind, the 2010 deficit projects to be even bigger, roughly $1.5 trillion.
Unless Washington issues another foolish stimulus package or decides it will continue its ill-advised bailout business, the deficits should moderate somewhat. But the debt created by the deficits will still have to be paid. Ultimately, taxpayers will have to satisfy Washington's massive tab.
Now, this is BEFORE they pass the $1.2 TRILLION Healthcare "Reform" bill, or the economy killing "Cap and trade." Does it not make sense that when you are bailing as fast as you can, it might make sense not to add more holes to the hull?
2 comments:
Is that the rate necessary for one year? or over time?
And Good Christ Almighty, it looks like we're going to add $1.2 trillion to this.
Here's a better idea for that money, since they seem hell-bent on spending it. Send it my way (the military's way) so we can finish off this crap once and for all. And there will be an added health benefit...the risk of Americans dying from terrorist activities will be greatly reduced.
Sadly, that is the rate over time.
I agree completely with you - let's go finish the job. As for stimulus, take that money and cut a check to anyone who actually paid taxes last year.
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