We will soon have $12 trillion in National debt, and individual income taxes are about $1.2 trillion (about 10% of the debt).
By Daniel at 14 March, 2009, 10:11 pm
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As rates increase we need about a 10% increase in Federal income taxes for every point average rates go up. you can compute the impact. At a 10% rate paid on debt, there would be nothing left for any other service. As you can see, there is no way to pay the debt back, and these figures EXCLUDE Social Security.
U.S. 30-Year Yields Reach Four-Month High as Auctions Increase
By Molly Seltzer
March 14 (Bloomberg) — Treasury 30-year bond yields touched the highest in almost four months as the pace of debt sales by the government accelerated and stocks posted the biggest weekly gain since November, lessening the refuge appeal of U.S. debt.
Yields on the longest maturity government security rose as the Treasury sold $63 billion in securities this week, including $11 billion in bonds. Shorter-maturity debt was little changed as the cost of borrowing in dollars approached the highest level of the year as bank hoarded cash and governments struggled to thaw credit markets.
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