Dallas Fed: We will have to more than double current income tax rates
Now you see why we fight to repeal this new entitlement of health care. We have no money and are in a huge "fiscal pickle" (See http://bit.ly/c6RUAs):
A shortfall of nearly half a trillion dollars in fiscal 2008 was quickly supplanted in the history books by a $1.4 trillion shortfall last year—and will in turn be supplanted by a recently announced, projected $1.6 trillion shortfall in 2010. This means 40 cents of every dollar spent by the federal government during 2009 was deficit-financed, and that picture will not change much this year. If that does not rattle your bones, consider that income taxes brought in just over $1 trillion during 2009 and are expected to bring in a similar amount this year. If we wanted to raise enough revenue today to close the 2010 gap, we would have to more than double current income and corporate tax rates.