State Senator Mary Lazich (R-New Berlin) represents parts of four counties: Milwaukee, Waukesha, Racine, and Walworth. Her Senate District 28 includes New Berlin, Franklin, Greendale, Hales Corners, Muskego, Waterford, Big Bend, the town of Vernon and parts of Greenfield, East Troy, and Mukwonago. Senator Lazich has been in the Legislature for more than a decade. She considers herself a tireless crusader for lower taxes, reduced spending and smaller government.
Here is one way of looking at just how bad the deficit is by using numbers.
A new study by the Tax Foundation In Washington D.C. finds that in order to close our nation’s budget deficit during 2010, federal income tax rates would have to be TRIPLED.
The Tax Foundation reports, “To close the deficit, federal income tax rates for joint filers which today range from 10 percent to 35 percent would have to be increased to between 27.2 percent and 95.2 percent—a tax hike of unprecedented size.
The study’s author, William Ahem says, “If high-income people had to pay a federal tax rate over 90 percent, plus state and local income taxes and other taxes, total tax rates would be well over 100 percent for many households.”
You can read more about the study and other tax issues in the Tax Foundation’s latest edition of Tax Watch.