Think Tax Day Is Expensive This Year? Just wait.
Nicola Moore /
As federal income taxes come due this Thursday, Americans are well aware of just how expensive government is becoming.
But as the Wall Street Journal warned today, we ain’t seen nothing yet. Obama’s go-to strategy for cutting the deficit is to tax the so-called rich, but this would send tax rates to exorbitant levels.
For example, to reduce the deficit from 11 percent of the economy today to a sustainable 3 percent of GDP, families with more than $209,000 would see tax rates rise from 33% and 35% to 72.4% and 76.8%, according to new findings from the Brookings-Urban Tax Policy Center.