State and local governments depend on many different types of taxes, one of which is known as an excise tax. Like general sales taxes, excise taxes are paid on the purchase of an item. But unlike sales taxes, excise...
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- Visualizing the US Debt
Visualizing the US Debt
I stumbled across this site today and I think it’s a useful tool for getting our mind around the sheer massiveness of the U.S. debt. When was the last time you heard a politician throw around numbers like, “Well, we could raise another trillion in taxes to balance the budget?” This site illustrates just how many one hundred dollar bills that would be.
According to the site, “If you spent $1 million a day since Jesus was born, you would have not spent $1 trillion by now...but [approximately] $700 billion—same amount the banks got during bailout.”
Also, if you stacked the total number of unfunded liabilities into a tower, you would build a structure roughly one and a half times the size of the World Trade Center.
The point is, many of us get so jaded by the tax and spending process that we forget that these numbers represent real purchasing power for people in the private sector. Last year, the federal government collected a total of 2.3 trillion in taxes. That’s the equivalent of hundreds and hundreds of truckloads of these pieces of paper taken out of the hands of citizens and redistributed according to the will of politicians. It’s certainly thought-provoking.
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The Tax Policy Blog is the official blog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.