CBO: Taxes Will ‘Shoot Up by More Than 30 Percent’ Over Next 2 YearsBy Terence P. Jeffrey
Feb. 01, 2012
Germany: Migrants Gang-Rape 14yo Girl, Throw Her Out in the Cold - Show Up to Court 'Grinning'
France: Couple Order Pizza With Ham, Get Assaulted by Muslim Drug Dealers
New Britain: 1 in 20 Adults Have Reading Level of a 5-Yr-Old
Knockout Game? Black Man Kills Guatemalan Immigrant In A Single Sucker Punch
MSNBC Asks Black Man to Watch Hillary Clinton Clip, Shows Him Fried Chicken Commercial Instead
(CNSNews.com) - The amount of money the federal government takes out of the U.S. economy in taxes will increase by more than 30 percent between 2012 and 2014, according to the Budget and Economic Outlook published today by the CBO.
At the same time, according to CBO, the economy will remain sluggish, partly because of higher taxes.
"In particular, between 2012 and 2014, revenues in CBO's baseline shoot up by more than 30 percent," said CBO, "mostly because of the recent or scheduled expirations of tax provisions, such as those that lower income tax rates and limit the reach of the alternative minimum tax (AMT), and the imposition of new taxes, fees, and penalties that are scheduled to go into effect."
The U.S. economy, CBO projects, will perform "below its potential" for another six years and unemployment will remain above 7 percent for another three.