Tax Rates will have to TRIPLE to close deficit

Good Luck with that.

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Assuming deductions, exemptions and credits were kept the same as they are now, the government would have to nearly triple every tax rate. Table 1 shows the effect on statutory rates of such a hypothetical tax hike. Instead of taxing couples with rates that range from 10 percent to 35 percent, tax rates would have to start at 27.2 percent and range up to 95.2 percent.

Table 1 Federal Individual Income Tax Rates for Joint Tax Returns Current Law Versus Rates Necessary to Erase Deficit 2010
Tax Brackets for Couples Filing Joint Returns	Current Law Tax Rates	Rates Needed to Close Deficit
0 to $16,750	10%	27.2%
$16,751 to $68,000	15%	40.8%
$68,001 to $137,300	25%	68.0%
$137,301 to $209,200	28%	76.2%
$209,201 to $373,600	33%	89.8%
$373,601 and over	35%	95.2%
Note: The rates are the same for single taxpayers, but the brackets vary. For the bottom three brackets, the threshold amounts are exactly one-half what they are for couples. For the top bracket, the threshold is the same for singles as for couples. Brackets are shown for 2009; inflation adjustment for 2010 will be announced in the summer of 2010. Source: IRS and Tax Foundation