The debt crisis Congress has been ignoring could cost the average U.S. household $18,000 a year, according to a Brookings analysis
A Brookings Institution analysis warns that stabilizing the U.S. federal debt by 2036 would require substantial tax increases across all income levels, potentially costing the average household $18,000 annually. The study finds that targeting high earners or the wealthy alone would not generate sufficient revenue to close the budget gap. Instead, broad-based tax increases—such as higher income taxes, payroll taxes, or a value-added tax—would be necessary to address the growing national debt.
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An excellent new study from the non-partisan Brookings Institution provides an ultra-sobering view of the potential tax increase U.S. families face in taming the runaway debt and deficits crisis that’s been near-roundly ignored in Congress and the White House. We all know the hit to either incomes, shopping tabs, social programs, or a blend of all needs to be huge—though the towering size of the numbers found in the report still deliver a gut punch. The revelation that rocked this writer: On the tax side, the sole solutions are sweeping increases across virtually all income levels.
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