A Look At The Top 1% Of Taxpayers, Government Revenues/Expenses And The Deficit
From The Blog of HORAN Capital Advisors
December 29, 2012 - 2:34pm
Politicians have just a few days remaining to come up with some resolution to the fiscal cliff facing the country. It appears the resolution will be another "can kick" that mostly increases taxes. The President's income break point is often stated to by $250,000 while House Speaker John Boehner's Plan B had higher taxes for those with incomes above $1 million. The problem with focusing only on increasing taxes and generating more revenue is the fact that the expense side of the budget needs to be dealt with as well. The revenue generated from the higher proposed tax rates would only fund the government for eight days. As the below chart shows, expenses have spiked significantly subsequent to the recession with a deficit that remains alarmingly high at over $1 trillion per year.From The Blog of HORAN Capital AdvisorsMark Perry, Professor of Economics at the University of Michigan, recentl...
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