Think taxes are already too high? Just wait. In the chart below, Mercatus Center senior research fellow Veronique de Rugy uses data from the Tax Foundation to determine the additional amount of income taxes each individual would have to pay in order to balance the annual budget deficit.
For 2010 alone, de Rugy shows that taxes would have to increase by an average of $9,825 per taxpayer to pay for the federal government's out-of-control spending. This would mean 200% more than what you already pay since the current average tax bill stands at approximately $7,900. And, remember, that's an increase of $9,825, not an increase to $9,825. I don't know about you, but I certainly cannot afford to pay nearly $18,000 in taxes.
Moreover, de Rugy claims that these tax payments do nothing to decrease the dollar debt currently held by the U.S. public:
"This debt has been adding up year after year through past deficit spending and must ultimately be repaid; repayment can only occur when net revenues exceed net spending. Therefore taxes can be further increased (on top of the below increases), or spending can shrink."
I vote to shrink spending because, put simply, crippling taxpayers should never be an option.
Click here for more information on de Rugy's report.
