Obama's Tax Hike Plan Would Require Rates That Are Impossible
Created on April 15, 2011
Obama’s Tax Hike Plan Would Require Rates That Are Impossible
President Obama has repeatedly pledged to raise taxes only on the “rich.” But if he raised taxes on only the top two income brackets, their rates would need to rise well beyond 100 percent—a fiscal impossibility— just to close the 2010 budget deficit.
Chart 2 • WM 3224
Single and Joint Filers:
Tax rate necessary to cover deficit
Current tax rate
Source: Heritage Foundation calculations based on data from the Internal Revenue Service and the White House Office of Management and Budget.