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Tuesday, June 21, 2011

Mayan calendar ends in 2012 but sky high taxation is just beginning

Total Tax Burden Is Rising to Highest Level in History

Taxes are projected to increase rapidly under various policy scenarios. If the 2001 and 2003 tax cuts expire and more middle-class Americans are required to pay the alternative minimum tax (AMT), taxes will reach unprecedented levels.

The tax burden will climb even if those tax breaks are extended.

President Obama's budget, which cuts some taxes and raises others, also increases the overall tax burden.

PERCENTAGE OF GDP

Total Tax Burden Is Rising to Highest Level in History

Source: Heritage Foundation calculations based on Congressional Budget Office and White House Office of Management and Budget data.

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