Coming soon, 57% Taxes!Submitted by George Strait on Sun, 01/06/2013 - 20:16
Thought it was remarkable how high taxes would really have to be to balance our current budget. Calculations are pretty conservative, and show how we'd need an average 57% effective tax rate (not marginal!) to achieve a balanced budget with current spending (never mind those unfunded pensions and liabilities).
The article basically proves that its totally impossible to pay for what we're getting right now WITHOUT huge deficits.