Tags: Income Taxes | Tax Increases | Deficit | Debt

Tax Experts Warn: Hikes Are Coming

Monday, 18 Apr 2011 10:55 AM

By Dan Weil

While many Americans are in a state of depression Monday as they mail hefty tax checks to Uncle Sam, the news will ultimately get worse, Income Taxes, Tax Increases, Deficit, Debttax experts tell The Hill. Taxes will eventually move higher thanks to a budget deficit of $1 trillion a year for as far as the eye can see, they say.

“We’re going broke,” says Clint Stretch, managing principal for tax policy at Deloitte Tax. “Whenever we’ve had big deficit-reduction measures in the past, it’s always had some spending cuts and some tax increases.”

The Bush-era tax cuts will likely expire for the wealthy after 2012, when they are now slated to expire for all Americans, some experts say. President Barack Obama has expressed strong opposition to continuing the cuts for those with annual income of at least $200,000.

© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Liberal Think Tanks: Obama Tax Proposals Won't Help Middle Class

Thursday, 29 Jan 2015 12:08 PM

According to a new analysis by two liberal think tanks, President Barack Obama's tax proposals will do little to benefit . . .

McCain to Protesters: 'Get out of Here, You Low-life Scum'

Thursday, 29 Jan 2015 11:56 AM

Senate Armed Services Committee Chairman John McCain has kicked protesters out of a budget hearing, calling them low-li . . .

Grover Norquist: Entitlement Reform Key to US Solvency

Thursday, 29 Jan 2015 11:16 AM

"The Obama administration has spent six years telling us they'd like to do entitlement reform, but they've never put any . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved