Today's editorial in the NY Times calls for at least a 35% increase in taxes on the middle class. Welcome to your liberal paradise.
Specifically, the Times says,
new taxes on high-income Americans are a matter of necessity and fairness; they are also a necessary precondition to what in time will have to be tax increases on the middle class.It also shares one of the reasons it is so intent on raising taxes on the millionaires and billionaires who make more than $250,000 per year.
there will never be a consensus for more taxes from the middle class without imposing higher taxes on wealthy AmericansSo there we have it, the Times finally admits what I have maintained for quite some time, the real goal of this administration is increased taxes on the middle class.
How high will taxes need to be to pay for our liberal Shangri-La?
This graph is from the CBO's Budget and Economic Outlook for Fiscal Years 2013-2023.
Current tax revenues about 17% of GDP. Projected outlays in Fiscal 23 about 23% of GDP, taxes have to go up about 35%. But wait, there's more. Projected outlays rise sharply after 2023 and consume upwards of 30% of GDP, necessitating a doubling of taxes.
Sequester looks pretty darn good from my perspective.