Speaking of the Speed of Federal Spending . . . .
Last Thursday, we growled that federal spending is growing ten times faster than the growth of median household income, i.e., 299% vs. 27%. Today, let’s take a look at what’s happening with the total tax burden using a federal revenue chart from the Heritage Foundation’s 2011 budget chart book. According to the chart below, “the total tax burden is rising to (the) highest level in history.” Here’s how Heritage describes what’s going on in the chart:
“Taxes are projected to increase rapidly under various policy scenarios. If the 2001 and 2003 tax cuts expire and more middle-class Americans are required to pay the alternative minimum tax (AMT), taxes will reach unprecedented levels. The tax burden will climb even if those tax breaks are extended. President Obama's budget, which cuts some taxes and raises others, also increases the overall tax burden.”
Arlington County taxpayers who are concerned about federal budgeting, whether it involves spending, taxes, deficits or the debt, may want to take a few minutes to voice their concerns to their poohbahs on Capitol Hill. Better yet, write to them at the links below:
- Senator Jim Webb (D) -- write to him or call (202) 224-4024.
- Senator Mark Warner (D) - write to him or call (202) 224-2023.
- Representative Jim Moran (D) -- write to him or call (202) 225-4376.