Buried deep on page 191 of Obama's budget is a table showing tax collections as a share of the overall economy. Last year, personal income tax collections by the government equaled 7.3% of the economy. Under Obama's budget, however, income tax collections as a share of the economy would spike to 10.3% by 2023. This represents a 41% increase in just a decade.
In others words, the government will take 41% more out of personal income than it did last year. This isn't some "shared sacrifice" to whittle down the deficit or the overall debt, either. Even with the government taking so much more of the economy in taxes, spending will still outpace revenue collection.
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5 comments:
It's ok. Ignorant Democrats would vote for him again if they could. When he finishes our Country, he will return to Illinois and be elected Governor simply because Democrats are just plain stupid.
Your so silly that's how communism works...slaves...need not worry give us all and we will take care of you...
It doesn't matter to Obama supporters because a vast majority of them are living off of the tax payers money already.
I wonder if some people know that if the first class or employers are taxed so much they'll have to cut down on budgets and joblessness will increase
As we all know every new government makes changes in most departments.same happen here as increase in income tax.
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