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    Chart of the Year: Entitlements and Interest Drive the Fiscal Crisis

    The end of 2012 was marked by lawmakers engaging in a distracting fiscal cliff debate over tax rates when the solution to the real fiscal crisis lies in an entirely different area of the budget. Federal spending on entitlements and interest on the debt drives the federal budget crisis. Together … More

    Powerball Jackpot Taxes: How Much Government Would They Pay For?

    The two lucky winners of the Powerball jackpot are a part of Powerball history. Of course, the winnings are subject to federal taxes, making the spoils a little less sweet. But since the President wants to tax the wealthy, let’s see how much taxing these new multimillionaires buys us in … More

    What Are Economists Really Saying About Tax Rate Increases?

    On Friday, Representative Pete Sessions (R–TX) and House Speaker John Boehner (R–OH) ran afoul of Glenn Kessler’s “Fact Checker” blog regarding a study of President Obama’s proposed tax increase. Before deciding on a tax change, policymakers are wise to look at the economic impacts of the change. Two Studies In … More

    What's Scary: Federal Spending Per Household

    On this Halloween, ghastly, ghoulish garb and haunted houses aren’t the only sources of spookiness in Washington. Americans across the country have cause for alarm, because the federal government spent a spine-chilling $29,691 per household in 2012. As The Heritage Foundation’s “Federal Spending by the Numbers—2012” shows, federal spending per … More

    Carbon Tax: Won't Reduce Deficit or Temperature

    The Congressional Research Service (CRS) released a report that should be a cause for concern to all who believe in limited government. In it, CRS argues that a new tax on carbon could cut the deficit in half. There is nothing special about a carbon tax in terms of raising … More

    Chart of the Week: Tax Revenues Devoured by Entitlements

    The looming unsustainability of the big three entitlement spending programs—Medicare, Medicaid, and Social Security—is not inevitable, but in order to avoid the catastrophic effects of consuming every bit of tax revenue in just one generation, reform is a necessity. Take a look at Medicare, the largest portion of the projected … More

    Chart of the Week: The Tax Burden on American Households

    Americans who are scrambling to pay their taxes by Tuesday’s deadline are in store for more depressing news: The tax burden on American families has risen dramatically and will continue to climb into the future without action from Congress. This week’s chart outlines the growth of taxes over the past … More

    Chart of the Week: Runaway Spending, Not Low Tax Revenue, Fueling Deficits

    Following the failure of the Joint Select Committee on Deficit Reduction, Sen. Pat Toomey (R-PA) criticized liberals for insisting that any deal include a massive tax hike. In a speech at Heritage last week, he said tax revenue isn’t the problem facing the United States in the future; it’s the … More

    Chart of the Week: How Social Security Is Contributing to the Spending Crisis

    Last week’s presidential debate at the Reagan Library elevated Social Security as a national issue that could reshape the 2012 campaign. Candidates spent the week trading blows about the role of the 76-year-old social insurance program. Leaving aside the political rhetoric, one thing is certain: Social Security needs to be … More

    CBO Figures Once Again Prove Tax Hikes Unnecessary to Fix Budget

    The Congressional Budget Office (CBO) just released its long-term outlook for the federal budget. As expected, we are going broke slightly faster than we were a few months ago. No doubt the usual bigger-government types will use this news to repeat the mantra that we need to both cut spending … More