Home > US News > Brace For an Avalanche of Unfunded Debt | US News & World Report

Brace For an Avalanche of Unfunded Debt | US News & World Report

December 31, 2012

…Merely to avoid going deeper into debt, to cope with the speed at which compound interest is growing the real debt annually, we would have to collect $8 trillion in taxes each year, Cox and Archer point out.  And here’s the nub of it: All individuals filing tax returns in the country with incomes over $66,198 have a total adjusted gross income of about $5.2 trillion.  The total corporate taxable income (at its peak in 2006) amounted to $1.6 trillion.  This means that we have a maximum of roughly $7 trillion available if the government confiscated the entire gross income of individuals and corporations—not nearly enough to cover the yearly growth of U.S. liabilities

via US News and World Report

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