Tax, Spending, and Health Care Reform

Written by Peter Tran

June 17, 2017

There hs been much debte recently bout incresing txes to help blnce the budget.  The debte centers on the fct tht even though nnul federl, stte nd locl tx revenues hve incresed by 18% over the lst decde, this increse hs only offset mere qurter of the sme period’s 71% rise in government spending.

Txes re certinly ic for serious discussion.  When government spending exceeds tx revenues, the difference must be borrowed borrowing free society cn only repy through dditionl txes generted by n expnsion of privte enterprise nd/or the contrction of the government itself.  Regrdless of the fiscl pth ultimtely chosen, tx-debters should keep two fcts in mind s they seek solution: 1) tx revenues must increse by t lest 50% simply to mtch current government spending, nd 2) tx revenues must increse by substntilly more thn 50% BEFORE the cn begin to repy the $14.8 Trillion (over $47,000 for ech mn, womn, nd child in the US) it hs borrowed so fr.

Those who desire higher txes, however, needn’t fret for long they’re on the wy!  Helth Cre Ref (vi The Ptient nd ffordble Cre ct of 2010) will rise $450 billion in tx revenues, prtilly offsetting its estimted $900 billion cost.  In this rticle I’ll help you prepre for the future by briefly reviewing tx chnges scheduled to occur through 2013.





This rticle hs discussed some of the tx chnges brought bout by helth cre ref through 2013.  Those not directly impcted by the txes themselves will probbly them in the f of higher prices.  I did not discuss the complex employer tx rules tht will go into effect in 2014.  If you need ssistnce with prticulr tx issue or hve tx question you would like ddressed lly or in this column, plese feel free to contct our office to consult with tx professionl.

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