When many Americans gathered for the second tea party tax day rallies held Thursday throughout the country, they had more reason for concern with the government than many know. Taxes are going up.
Distress at the pace of government expansion and spending prompted loose coalitions of Americans to hold the first tea party events last April 15. The date was chosen because it has come to symbolize runaway federal spending.
Current rates on income taxes and other levies set by the government are bad enough. They are a drag on the quality of life for tens of millions of American families.
They make it more difficult for businesses to create and maintain jobs. And, of course, they are not enough to sustain the government, even at its current size.
The national debt is about $12.8 trillion; it is expected to grow to around $20 trillion within the coming decade.
According to the Congressional Budget Office, it is expected individual income taxes will send $946 billion of our hard-earned money to Washington this year. That does not count corporate taxes.
But also according to the CBO, collections from individual income taxes are expected to hit nearly $1.6 trillion by 2013 and nearly $2.5 trillion by 2020.
Within the next decade, the government will take about $1.5 trillion more a year out of our family bank accounts. That represents an increase of nearly 160 percent in just 10 years.
A CBO report explained that some of the increase is expected to result from growth in Americans' incomes. But, it added, "The more important causes, however, are the scheduled changes to tax rates." In other words, tax rates are going up.
A higher percentage of your income will go to Washington, and it still will be operating with deficits figured in the trillions of dollars each year.
No wonder so many Americans have become angry at government. Clearly, we have plenty of reason to be upset.
