Happy Tax Day
Happy Tax Day! A few days ago, the WSJ referenced a study by the Tax Policy Center that “found that to reduce the federal budget deficit to a sustainable 3% of GDP, the government would have to find an average of about half a trillion dollars each year in new revenue (or spending cuts). To cover that amount through tax increases on the top two brackets—roughly, families with more than $209,000 in taxable income—top rates would have to go from the current 33% and 35% to 72.4% and 76.8%, the study found.” (“For Top Earners, Tax Bite Is Likely to Be Worst”). Certainly, the question isn’t if taxes will rise, but when…which will hinder growth.
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