Wednesday, September 19, 2012

Under Obamanomics, the 47% — and everyone else — will be paying more taxes soon enough

One of these two things has got to give: Either a) the projected future explosion in federal spending is reduced or b) a good chunk of the 47% of Americans who currently pay no income taxes will have to start (or perhaps pay a value-added tax).
Less spending or just about everybody — including the broad middle class — will pay more. Lots more . . . .

Why won’t President Obama — unlike Paul Ryan — release a long-term budget plan? Simple. If he did, it would show the only way to realistically pay for the Democratic spending agenda is to eventually raise taxes on pretty much everybody.

Image credit: The White House's Office of Management and Budget
And this chart represents an optimistic assessment.

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