According to the non-partisan Tax Policy Center, the U.S. is on the threshold of one of the largest tax increases in history, a tax hike that could average $3,500 for every American household.
Without actions from Congress, the report says taxes will go up next year by 20 percent, or $536 billion overall. It will hit Americans at every income level including those living below the poverty line. For a middle income family making $40,000 per year, the tax increase is $2,000.
Read it all.
Filed under: * Economics, Politics • Economy • Consumer/consumer spending • Personal Finance • Taxes • The Credit Freeze Crisis of Fall 2008/The Recession of 2007-- • The U.S. Government • Budget • The National Deficit • Politics in General • House of Representatives • Office of the President • Senate • * International News & Commentary • America/U.S.A.
Posted October 2, 2012 at 6:30 am
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3. Ad Orientem wrote:
Welcome to reality folks. You can’t live on credit forever. When there is more going out than coming in then one must either reduce expenditure, raise revenue or do some combination of the two. And as long as we seem unwilling to deal with our out of control welfare and warfare oriented government it doesn’t look good for spending cuts. October 2, 9:38 pm | [comment link] |
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5. Br. Michael wrote:
In Washintonspeak a spending cut is only a “reduction in the rate of spending increase”. Washington almost never actually cuts anything. October 3, 6:44 am | [comment link] |
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7. Cennydd13 wrote:
Merely threatening politicians with a defeat at the polls come Election Day hasn’t been working very well; we actually need to toss them out of office and elect candidates whom we know and trust. Unfortunately, however, even they aren’t always as trustworthy as we thought they would be, since they too can be ‘bought’ by special interests. October 3, 11:48 am | [comment link] |
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And once all this happens will it dawn on people that we are still spending over 500 BILLION a year more than we are taking in? Will a majority think this is a problem?
October 2, 12:19 pm | [comment link]