How High Could the U.S. Tax Rate Go?


COMMENT: There’s no mention here of cutting spending, downsizing the unconstitutional swath of government agencies, ending wars, bringing troops home– only talk of raising taxes or printing ourselves into hyperinflation and ruining our standing in world currency markets. Why?

In regards to looking at Gordon Brown’s raising UK taxes to 50%– why on earth would we want to be more like Britain or allow ourselves to go further down their treacherous path of a rising police state and surveillance state which attempts to clamp down on free speech and control undesirable “behavior” of all kinds? The United States used to be free, should aim to be again.

Erik Heinrich
TIME
March 3, 2010

Never mind about mortgaging the future. By running up a monster deficit as it struggles to keep the economy growing, the Obama Administration is setting the stage for sharply higher taxes down the road.

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Of course, it’s not an absolute certainty. The easier option is even more quantitative easing — a euphemism for printing money, which is a dirty phrase economists never like to use. This would devalue the country’s currency and sovereign debt, triggering a cycle of hyperinflation of the likes the U.S. has never seen.

Higher taxes are coming soon, however — and they will hurt. By some estimates, the tax burden on Americans could double before the end of this decade. The only question is: What form will these new taxes take?

Last year British Prime Minister Gordon Brown raised his country’s top marginal rate for income tax to 50% from 40%. This came on the heels of a decision to borrow more than $1 trillion over the next five years, bringing his country’s public debt to 79% of GDP by 2013. There has been the expected backlash from the superrich, but the majority of Brits don’t seem to mind so much.

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