Monday, July 18, 2011

WSJ: By 2016 70% Tax Rate on $60,000 a Year Income

The Wall Street Journal is now estimating based on current levels of spending that in 2016 The effective total tax rate for someone earning $60,000 will be as high as 71%.  Rates of this nature will be destructive to the middle class.  The only way to avoid this destruction is to cut spending now and get the governments in Washington to balance the federal budget. 

WSJ Tax Future:

The Hill is reporting, "Proposed House cuts to the Executive Office of the President's (EOP) budget will hurt administration efforts to cut the deficit, the White House argues." So in plain English the White House is saying that cutting spending is counter productive to cutting spending.  In addition to the administration's opposition to cutting their own budget, the White House has said it will road block the GOP effort to balance the federal budget. 

The Hill:

Obama ran on "Hope and Change."  It's time to make good on that campaign slogan in a positive way.  The president should be out in front on spending cuts and a balanced budget if he is for real change in the way government operates in Washington. 

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