Should we DOUBLE or TRIPLE Income Taxes?
Right now our deficit is about $1.6 Trillion.
Income tax receipts are about $900 Billion.
If we were to simply kee government spending the same, we would need to TRIPLE income taxes to balance the budget.
If we cut $1.6 trillion in spending, tax receipts to government would be cut by about $500 Billion and the nation would be in a Depression as at least 25 million people would lose their jobs. In order to make up for the loss of tax receipts, we would need to DOUBLE everyone's taxes.
So what do you think we should do, put the nation into a DEPRESSION and only DOUBLE everyone's taxes....or should we keep government spending the same, the economy limping along and TRIPLE everyone's taxes.
Start a major war, invoke the Force Majeure clauses and void most contracts, and require everyone to work for free or near free as the world kills each other trying to figure out who is entitled to control the other's production?
The choice is yours at this point....or your government(s) will make it for you one way or the other.
Greenspan 'betrayed' Ayn Rand and ruined economy: Rand Institute President