The Obama administration has said many of the Bush tax cuts will be left in place – unless you make more than $250,000 a year.
However, budget analysts said the spending in the budget is so massive that wealthy taxpayers won’t be able to cover the increase.
Curtis Dubay, senior policy analyst at The Heritage Foundation, said the president will have no choice, but to raise taxes.
“If Congress and the president refuse to cut spending, they will absolutely have to go for more revenue in some way,” he said. “We firmly expect them to go after a national sales tax called a ‘value-added tax,’ which would hit all families and all businesses in the economy.”
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