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Considering that, economists have projected that unemployment won't recover for that next 5 years; surely has to examine the tax revenues we have currently. The current deficit is 1,294 billion dollars and the savings described are 870.5 billion, leaving a deficit of 423.5 billion 12 months. Considering the debt of 13,164 billion another thing of 2010, we should set a 10-year reduction plan. Invest off all debt would certainly recommend have to pay down 1,316.4 billion each year. If you added the 423.5 billion still needed supplementations the annual budget balance, we would have to boost your workers revenues by 1,739.9 billion per time around. The total revenues for 2010 were 2,161.7 billion and paying off the debt in 10 years would require an almost doubling of the current tax revenues. Let me figure for 10, 15, and 30 years.

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During the great Depression and World War II, the income tax rate rose again, reaching 91% during the war; this top rate remained in force until '64.

Someone making $80,000 12 months is not really making good of salary. The fed's 'take' is quantity of now. Taxes originally started at 1% for the very rich. And so the government is looking to tax you more.