Government Spending Archives - Page 27 of 27

ObamaNomics: An Endless Downward Spiral

Liberty Works: “ObamaNomics is built on the assumption that politicians are better stewards of economic resources than the millions of individuals and business enterprises who created those resources. The Democrats’ plan is to dramatically increase taxation to fund programs through which government can exert greater control over our lives. But these data show that the private sector’s ability and willingness to generate wealth for government to seize through taxation is rapidly diminishing. These data show that Obama’s own actions are are literally killing the goose that lays the golden eggs he needs to fund his agenda. The drop in individual income tax revenue in fiscal 2009 was the steepest since 1939. As the chart shows revenue continues to plummet in fiscal 2010.”

tax revenue chart

Tax Rates Must Increase to 92% to Erase Deficit

The Tax Foundation’s study estimates that to eliminate the federal deficit, tax rates for couples filing joint returns in 2010 must more than double. The following list shows income levels, current marginal tax rates and the increased marginal tax rates needed to erase the deficit.

$0 to $16,750 increase from 10% to 27.2%
$16,751 to $68,000 increase from 15% to 40.8%
$68,001 to $137,300 increase from 25% to 68.0%
$137,301 to $209,200 increase from 28% to 76.2%
$209,201 to $373,600 increase from 33% to 89.8%
$373,601 and over increase from35% to 95.2%

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

Tax Foundation: “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, according to a new report from the nonpartisan Tax Foundation. 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.”

Treasury Inc. – The Shadow National Debt

The Volokh Conspiracy: “describes how most of the NATIONAL DEBT and BUDGET DEFICIT is being FRAUDULENTLY HIDDEN by the OBAMA ADMINISTRATION. . . . Look only at the outstanding debt of these five TARP companies (out of over 600 of them). Citigroup has $1.8 trillion in debt; AIG, $807 billion; Fannie and Freddie, $5.2 trillion; and GM, $10 billion. This means the Administration is hiding $7.8 trillion of the national debt. (As a comparison, Bernie Madoff hid $50 billion in other people’s money and is reviled as the crook of the century. The current administration, by the way, is hiding $7.8 trillion of the nation’s debt.)”