Go Back   SZONE.US Forums > Current Events > News > The Heritage Foundation

The Heritage Foundation Since its founding in 1973, The Heritage Foundation has served as a research and educational institute -- a think tank -- whose mission is to formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong national defense

The Heritage Foundation

Chart of the Week: The Tax Burden on American Households

Views:127
Reply
Thread Tools Search this Thread Rate Thread
  #1  
Unread 04.15.12, 10:57 AM
@Heritage @Heritage is offline
RSS Bot
 
Join Date: 06.09
Posts: 37,373
Chart of the Week: The Tax Burden on American Households

On 04.15.12 05:16 AM posted by Alison Meyer




Americans who are scrambling to pay their taxes by Tuesday’s deadline are in store for more depressing news: The tax burden on American families has risen dramatically and will continue to climb into the future without action from Congress. This week’s chart outlines the growth of taxes over the past 45 years.

Large tax increases are just months away. Jan. 1, 2013, is already being dubbed Taxmaggedon. Seven existing tax policies will end and 18 new taxes from Obamacare will begin, leading to a $494 billion tax increase at the start of next year. Heritage tax expert Curtis Dubay warned about the consequences:
Although these tax increases will not start raising new revenue until next year, they are having a negative impact on the economy today. Families, businesses, and investors need to know how much tax they will pay in the future before making important economic decisions. The uncertainty caused by Taxmageddon means they are stuck in neutral while they wait for President Obama and Congress to act. This is slowing job creation and stopping many of the millions of unemployed Americans from going back to work.

To relieve Americans from the large tax burden, Obama and Congress should remove the threat of Taxmageddon now. “That would assure families, businesses, and investors that their taxes will not rise sharply as the economy is still staggering to its feet and show the voters that Washington really can get important things done—even in an election year,” Dubay wrote.

Americans are already paying significantly more than they did in 1965, when Great Society programs like Medicare and Medicaid were created. Without action, this historical trend is likely to continue.



http://blog.heritage.org/2012/04/15/...an-households/
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Rate This Thread
Rate This Thread:



All times are GMT -8. The time now is 10:26 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
Copyright ©2007 - 20017 SZONE.US All rights reserved