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U.S. Deficit: Higher Taxes Needed to Cut Rising Debt

Never mind about mortgaging the future. By running up a monster deficit as it struggles to keep the economy growing, the Obama Administration is setting the stage for sharply higher taxes down the road.

Higher taxes are coming soon, - and they will hurt. By some estimates, the tax burden on Americans could double before the end of this decade.

http://news.yahoo.com/s/time/20100303/us_time/08599196923100

Could you handle your taxes doubling ? What would be left of your paycheck?

 
Anonymous

Asked by Anonymous at 9:20 AM on Mar. 6, 2010 in Politics & Current Events

This question is closed.
Answers (9)
  • "Higher taxes needed to cut rising debt" ... nope.

    To cut the rising debt,
    ... Let's put the TWO THIRDS of the over $800 BILLION not yet spent from the January stimulus bill BACK into the deficit !
    ... Let's eliminate the EPA. Period. That would free up SO much personal and business prosperity that tax revenues AT THEIR PRESENT PERCENTAGES would skyrocket.
    ... Let's produce our natural resources, saving us money AND selling to the rest of the world - THAT would reduce the deficit !
    ... Let's CUT tax levels, so that a business can keep more that 50% of its income and grow the business and hire more people!
    ... Let's CUT tax levels so that individuals keep more than 60% of their paycheck and can spend money on things, which will revive the economy AND will increase the amount of taxes collected.
    ... Etc. etc. etc.

    This could all be accomplished inside of a week.
    Those in power just don't want to.
    waldorfmom

    Answer by waldorfmom at 11:41 PM on Mar. 6, 2010

  • So much for promises, huh Obama?.....
    Anonymous

    Answer by Anonymous at 9:25 AM on Mar. 6, 2010

  • Obama's "soda tax" is the first of many we will see. A one-penny tax per ounce won't discourage anyone from buying soda. It won't change the obesity rates in this nation. Instead, it's an across-the-board tax that will affect all income groups, from poor to rich. We can expect to see more of these taxes in the future.
    mancosmomma

    Answer by mancosmomma at 9:38 AM on Mar. 6, 2010

  • This is a good time for you who do not remember or know about Russia. See what happens when the people depend on the government.

    I will tell you, it sucks!!!!!!!!

    If your are poor now it will just get worse NOT BETTER!

    HIGH TAXES JUST MEANS DEATH TO ALL we already give over 50%, what is next ? my first born?
    gammie

    Answer by gammie at 10:02 AM on Mar. 6, 2010

  • mmmm...mmmmm.....mmmmm.....barack hussein obama....


    (sarcasm)
    LoriKeet

    Answer by LoriKeet at 12:12 PM on Mar. 6, 2010

  • It couldn't have required a degree in rocket science to know this was coming when Obama got elected.
    Carpy

    Answer by Carpy at 8:09 PM on Mar. 6, 2010

  • But..but...but....  I don't mind paying higher taxes to insure xyx.  But...but...but....  I never believed taxes wouldn't go up.  But...but...but...  It's what all other presidents would have done....

    Anonymous

    Answer by Anonymous at 8:13 PM on Mar. 6, 2010

  • You just hold on to your asses, we ain't seen nothing yet!!! All we hear from them is 10 trillion this 5 trillion that 100 billion this 800 billion that. Billions and trillions and billions and trillion, just where the hell does anyone think they are going to get that kind of money to spend? People seem to think they are going to get it from the next person down the road, well I got news for you! It is coming from the soda you drink and the booze and the bullets you buy and your guns and the products with sugar in them that you buy and the gasoline and oil you put in your cars, the house payments you make, the lights you burn the gas to heat your food the paper you use and on and on and on! We need to take the rose colored glasses off and come to the understanding that the big fat hunk of cheese has a big bar over the top of it with a big spring attached to it!!!
    goodwitch399

    Answer by goodwitch399 at 2:15 AM on Mar. 7, 2010

  • Perfect waldorf

    and good witch absolutely right and even the hardcore supporters/excusers will be crying then
    tnmomofive

    Answer by tnmomofive at 2:57 PM on Mar. 7, 2010