Chart of the Week: Tax Burden Is Rising to Highest Level in History
President Obama will meet with congressional leaders tomorrow to resume talks on the debt limit. The rare Sunday meeting between top Republicans and Democrats could signal the start of “hard bargaining” after Thursday’s debt talks left the parties far apart.
While Democrats want tax increases on the table in debt negotiations, Republicans have reiterated their “no tax-hike” stance — a position they reiterated following yesterday’s unemployment report that revealed only a measly 18,000 jobs were created last month.
If that isn’t enough reason to keep Democrats from proposing tax increases, perhaps the ambiguity of our nation’s economic future is.
Americans are set to face the highest tax burden in history. Families will be hit by unprecedented taxation levels by 2020 without the extension of current tax rates. This means more economic stagnation and less prosperity.
The American Legislative Exchange Council has found that higher taxes, new spending, and more debt will deepen the financial crisis. If tax hikes are included in any sort of deal, it is only a matter of time before workers, employers and the entire nation are burdened by more than they can handl
