Taxes Soaring Past Highest Level Ever
Taxes are projected to increase rapidly under different policy scenarios. If the 2001 and 2003 tax cuts expire and more middle-income 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, increases the overall tax burden.
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PERCENTAGE OF GDP
Sources: Heritage Foundation calculations based on data from the Congressional Budget Office and Office of Management and Budget.