I'm reading a short booklet titled "The Curses of Entitlement: 30 Frightening Consequences of Government Payments", and I ran across this statistic:
The Congressional Budget Office estimates that the tax rates would have to be increased steeply to maintain future Social Security, Medicare and Medicaid benefits. For the lowest tax bracket, the rates would increase from 10% to 25%; for those in the current 25% tax bracket, the rates would increase to 63%; in the highest bracket, rates would have to be raised from 35% to 88%. The top corporate tax rate would go from 35% to 88%.
*jaw drop* These are confiscatory rates, even more so than they are now, with stifling business. This would be almost up to the 90% tax rate that was once done. Imagine that. Out of every dollar you made, 90c would go to the federal government. This is outrageous!
1 year ago