Tax Reform, Subsidies, Expiration of Tax Cuts?
schweikert.house.gov
Daily Projected Revenue Increase if Tax Cuts Are
Repealed
Daily Projected US Deficit for FY2011
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
$92 Million/Day
$4.7 Billion/Day
Daily Revenue Increase v. Daily Deficit
(In Millions)
Source: Congressional Research Service
The tax cuts for all Americans account for about 28 minutes of the $4.7 billion in new daily debt accrued by the United States each day.
schweikert.house.gov
Fossil Fuel Subsidies FY2011 Green Fuel Subsidies FY20110
1
2
3
4
5
6
7
8
9
$2.44 Billion
$8.72 Billion
FY2011 Energy Subsidies in the US
(In Bil-lions)
Source: Congressional Research Service
Raise taxes on the wealthy?
Source: David Ranson, head of research at H.C. Wainwright & Co. Economics Inc.
By 2031 – all revenue will go to Entitlement Spending
By 2055 – all revenue will go to interest on the debt alone
WITHIN OUR LIFETIME…OR THAT OF OUR CHILDREN
Debt limit has been raised more than 70 times since the “limit” was put in place.
How do we insure that 14 trillion dollars of debt is enough?
DEBT LIMIT
Incentivizing BusinessWhen businesses and entrepreneurs can invest,
unemployment goes down:
Source: Congressional Budget Office, Dr. Taylor (Stanford), Dep. of Commerce, Dep. of Labor
To Preserve the American Legacy