Von Aldo

To Close the Deficit, Federal Income Tax Rates Would Have to Nearly Triple

The non-partisan Tax Foundation today said that the government spends so much money, "Federal income tax rates would have to be nearly tripled across the income spectrum if Congress were to close the deficit in fiscal year 2010. Instead of taxing joint filers with rates ranging from 10 percent to 35 percent, tax rates would have to start at 27.2 percent and reach up to 95.2 percent."

The report says, "For all but three years of the past 40, the federal government has run a deficit, and at the most basic level, the reason is simple. In their desire to be re-elected, congressmen are afraid not to spend more and more, and they're equally afraid to give voters the bill for those services, even though that bill must inevitably be paid."

The Tax Foundation's report is very sobering indeed.

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