We would have to raise federal taxes by an average of at least 39% per household and on businesses =just= to balance the deficit.
The reason the US is a comparably "low tax" country is because we're borrowing the difference.
What worries me the most is that this is at a high point in our economic cycle, when tax collection is arguably the highest. The deficit and debt will expand significantly in the next recession.
The reason the US is a comparably "low tax" country is because we're borrowing the difference.
What worries me the most is that this is at a high point in our economic cycle, when tax collection is arguably the highest. The deficit and debt will expand significantly in the next recession.