Wednesday, April 11, 2007

Unbalancing act: Congress' spending plans don't add up Unbalancing act: Congress' spending plans don't add up

Ed Feulner at the Heritage Foundation in: Unbalancing act: Congress' spending plans don't add up points out that the Democrats in Congress are intent on raising taxes. And even using discredited CBO static analysis, tax revenues are scheduled to raise significantly due to the AMT and the expiration of the Death Tax.

I do wonder how many of those switching their votes to the Democrats in the last election realized that without further relief, their average taxes for their families are expected to jump $2,641 each year over the next decade. And that doesn't consider entitlements, where Social Security and Medicare would skyrocket to 19% of GDP by 2050, necessitating that we'd have to raise taxes by $11,651 per household a year.

Not a pretty picture.

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