Municipal Haste
The administration has stated that it intends to raise tax rates on people with incomes in the highest tax brackets in order to finance programs such as health-care reform. The current top federal income tax rate of 35% is low by historical standards but is scheduled to revert to its original 39.6% rate after 2010. Meanwhile, the national debt is $11 trillion and growing, and the federal government is facing more than $40 trillion in unfunded entitlement obligations for Medicare and Social Security. When you consider these staggering figures plus the hundreds of billions of dollars that the government is…