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

…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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