WASHINGTON - The American Action Forum today released a new study examining the Obama Administration's spending plan and its subsequent effect on tax rates. The paper finds that, in order to achieve primary budget balance by at least 2022, taxing only millionaires would require raising their taxes to 123.9 percent. Taxing only those individuals making over $500,000 would require an increase from 30.6 percent to 95.5 percent. Assuming a deficit reduction approach that is achieved half through spending cuts and half through higher taxes, taxpayers making as little as $30,000 will carry $1,500 more in taxes annually over the next 10 years.
Read Full Article »
