Gov't Report: Taxes Will Go Up, Especially for the Poor
Americans at all income levels will be paying more in taxes under current policies, according to this month's long-term budget outlook report by the Congressional Budget Office, with the working poor seeing a greater increase in income taxes.
Even if tax rates are unchanged, Americans will be paying more in taxes due, in part, to how tax policies are structured in relation to inflation and wage growth, according to the report, and these higher payments will be a disincentive to work and save.
"Thus, in the long run, people throughout the income distribution would pay a larger share of their income in taxes than people at the same points in the distribution pay today, and many taxpayers would face diminished incentives to work and save," the report states....