Get Ready for a New Tax

This article is about how income taxes alone won't help the economy recover from the recession. The Tax Policy Center did some calculations on how the congress could cut the current deficit to 2% of the GDP. The calculated what would happen to tax revenues under three plans which were to raise the top 3 income tax rates, raising taxes proportionally for everyone or raising taxes for couples whose incomes is over $250,000 and singles whose incomes is over $200,000. President Obama said he would only raise taxes for the latter. However, the results were ridiculous and tax rates would have to be increased by a very large amount to help the economy with its deficit.