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What would tax rates need to be to balance the 2010 federal budget?

Mon, 11/02/2009 - 1:12pm | posted by Jason Pye

Congress is expected to run up a deficit of $1.5 trillion in FY 2010, which would pass the record deficit set in FY 2009.

The Tax Foundation have crunched the numbers and come up with what tax rates would need to be in order to balance the federal budget in FY 2010:

Tax Foundation estimated tax rates

That is absolutely staggering. As Bruce McQuain notes over at QandO, “[T]his only ‘erases the deficit’ – it does not even make a small dent in the debt which stands somewhere in the 11 trillion dollar area.”

I am in no way advocating these tax rates, nor is the Tax Foundation. We have a spending problem. It’s time to get it under control.

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  • Tagged: Spending Tax Foundation Taxes

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