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THE NATIONAL DEBT
Under the Fair Share Tax Reform,
total government taxes (revenues) would be
increased about 7% (above current projected taxes and after the wars
and War Tax
end), although taxes on the typical taxpayer (in fact, the
bottom 80%) would be reduced substantially. The proposed spending cuts,
once fully implemented, reduce total government spending by about 16%
below current projected spending (which is based on simple 3% annual increases from 2007 levels and the end of our wars).
If the Fair Share Tax Reform was joined with the Spending Reforms proposed here, our deficits could be eliminated by 2015, and the national debt could be entirely paid off by about 2040. This graph shows the projections based on my best estimates and calculations.
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