IRS data show that the richest 1% paid $84 billion more in taxes in 2007 than they had in 2000 — that’s a 23% increase — even though their average tax rate went down. What’s more, their share of the overall income tax burden grew, climbing from 37% in 2000 to 40% in 2007.
Congressional experts pegged the 2010 U.S. budget deficit at $1.35 trillion, a slight improvement from the $1.38 trillion estimate in August, but the overall picture of the government’s finances remains bleak, according to the annual report released Tuesday. The Congressional Budget Office said the government will run an aggregate deficit of almost $6 trillion during […]
IMAGINE you are a physician and a patient arrives in your office with a troubling and mysterious disease. Some of the symptoms are familiar, but others are not. You have never treated anyone with quite this set of problems. via Economic View – Tax Cuts Might Accomplish What Spending Hasn’t – NYTimes.com.