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For the 56 percent of Americans who pay federal income taxes, April 17 will be a painful day. That pain may be lessened slightly because the Internal Revenue Service has been nibbling away at payroll withholding taxes, but the sad fact is that the income tax represents only a portion of the pain we actually experience.
In 2017, the feds spent $4.147 trillion, which amounts to $12,733 for every man, woman, and child in the country. All taxes combined brought in $3.481 trillion, which leaves a deficit of $666 billion. If that deficit were to be equally split on a per capita basis and paid through income tax, we’d each end up paying an additional $2,045. If equally split among the 56 percent who actually pay income taxes, the tax increase would average $3,651 per person. Instead, we’re ultimately paying for the deficit through inflation.
“Clearly, the United States does not have a revenue problem,” said Libertarian National Committee Executive Director Wes Benedict. “It has a spending problem. The Democrats and Republicans refuse to address this addiction to spending. The best they can do is blather about waste, fraud, and mismanagement. Only Libertarians are willing to name exactly what kinds of federal government spending should be cut.”