Monday, November 2, 2009

Tax Rates Required to Erase Deficit

Fear this. Really, completely naked, I tell you! Why can't everyone see it!

Assuming deductions, exemptions and credits were kept the same as they are now, the government would have to nearly triple every tax rate. Table 1 shows the effect on statutory rates of such a hypothetical tax hike. Instead of taxing couples with rates that range from 10 percent to 35 percent, tax rates would have to start at 27.2 percent and range up to 95.2 percent.
 http://www.taxfoundation.org/publications/show/25415.html












 



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