CBO to Obama: Your budget deficit numbers are off by 1.2 trillion

[opebo]

All of this just isn't sustainable folks. Something is going to snap. It is just a matter of what, and when, and how.

Yes, they need to triple your taxes.  (I believe many of us have suggested this solution before on this forum)

[opebo]

All of this just isn't sustainable folks. Something is going to snap. It is just a matter of what, and when, and how.

Yes, they need to triple your taxes.  (I believe many of us have suggested this solution before on this forum)

That would get my average (yes average, not marginal) tax rate, above 100%.  

Well, I said 'triple your taxes', not triple your tax rate.

I'm wondering why you pay such an enormously high rate?  You do realize that the federal government can only increase your federal taxes, not state or local (to which I was not referring).  Anyway the top tax rate is only 35%, which I'm sure anyone with an understanding of economics would agree is extremely low.

[opebo]

You forgot 1) fica taxes, including the 2.9% bit that goes on forever, and 2) the phase out of itemized deductions.  Anyway, after opening up my 2008 return on turbo tax, I see that I paid 31% of my adjusted gross income in federal taxes, so if you triple that, the total take would be 93% of AGI. For 2009 the percentage will be higher.

Well, 93% would be a pleasing top rate, but certainly not reasonable as an overall percentage.

Its funny you pay such high rates though - you must have an truly enormous income.  As and old lady I used to know used to say when we talked about capital gains tax rates - 'you should be so lucky'.

[opebo]

I'm afraid the only real answer possible is increasing taxes on people like Tory and above.  Federal spending is already incredibly parsimonious outside the untouchable military budget.

As Tory ably pointed out my suggestion of 'tripling' his (and his class's) taxation was verging on hyperbole, but doubling them seems to be the solution.  After all, the non-cyclical or structural deficit has arisen since 1981 solely because of tax cuts on this class.