Are More Taxes the Ticket?

Are More Jaxes the Ticket? 2% SPENDING 2% REVENUE Amount of taxes taken in increases HISTORIC LEVELS OF SPENDING by 25% between FY 13- FY 15 HISTORIC LEVELS OF SPENDING HISTORIC LEVELS OF REVENUE HISTORIC LEVELS OF REVENUE There's nothing better in a game of Monopoly than to pass go and collect your extra $200. You don't have to sacrifice anything and the bank doesn't miss it, but it's not a cure-all if you've made some bad spending decisions before snagging that cash. It's logic that most FY '12 FY '13 FY '14 FY '15 FY '16 FY '17 FY '18 FY '19 FY '20 FY '21 FY '22 players understand, but it seems debt-ridden Washington might need a refresher on the rules. Wanting to avoid spending cuts, some think that raising taxes will be its own "get out of debt free" card, but is that true? We take a look the projected effect tax increases have on our future debt, and the books just don't balance. WILL II WURK? PROJECTED PERCENT OF SPENDING AND REVENUE RELATIVE TO THE SIZE OF THE ECONOMY Community Chest Unemp. Benefits TARP Phance WHERE THE SPENDING GOES: Medicaid Interest WHERE THE REVENUE ČOMES FROM: Other Activities Social Security Defense Medicare 29% 22% 18% 13% 7% 7% Individual Income Taxes MONOPC 46% Social Insurance 35% Corp. Income Taxes 10% PARKER BROTHEI ÉRS InG COPYRIGHT 193 35 BY Other 9% FY 2012 REVENUE: $2.45 TRILLION FY 2012 SPENDING: $3.54 TRILLION SOURCE: CBO Il washingtoncouldlearnalot.com