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Income Tax Rates Need to More Than Double to Cover the 2010 Deficit

Created on April 15, 2011

Income Tax Rates Need to More Than Double to Cover the 2010 Deficit

Income Tax Rates Need to More Than Double to Cover the 2010 Deficit

Chart 1 •  WM 3224

heritage.org

Tax rate necessary to cover deficit

$373,650+ $209,250–$373,650 $137,300–$209,250 $68,000–$137,300 $16,750–$68,000 Income forJoint Filers $0–$16,750 $373,650+ $171,850–$373,650 $82,400–$171,850 $34,000–$82,400 $8,375–$34,000 Income forSingle Filers $0–$8,375 Source: Heritage Foundation calculations based on data from the Internal Revenue Service and the White House Office of Management and Budget.