Tax Experts Warn: Hikes Are Coming

Monday, 18 Apr 2011 10:55 AM

By Dan Weil

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
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.

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
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.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

China Condemns 'Cyber Terrorism' in Wake of Sony Attack

Monday, 22 Dec 2014 06:22 AM

China's foreign minister condemned all forms of cyber terrorism in talks with his American counterpart, a statement sa . . .

State Dept.'s Nuland to Newsmax: Sanctions Reined Putin In

Sunday, 21 Dec 2014 22:10 PM

Without the tough sanctions the U.S. and its allies placed on Russia last year and the faltering Russian economy, Vladim . . .

Attkisson: CDC Not Telling Public About Possible Ebola Cases

Sunday, 21 Dec 2014 23:40 PM

The government is not telling the public about all the possible cases of Ebola it is monitoring in the United States, sa . . .

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