Amity Shlaes, senior fellow at the Council on Foreign Relations and former Wall Street Journal editorial board member, cited a Tax Foundation report on closing the deficit through higher tax rates on CNN’s “Fareed Zakaria GPS” this morning. To close the deficit in fiscal 2010, tax rates would have to more than double across the board: Instead of taxing joint filers with rates ranging from 10 percent to 35 percent, tax rates would have to start at 24.3 percent and reach up to 84.9 percent. For more, see Tax Foundation Fiscal Fact, No. 217, “Can Income Tax Hikes Close the Deficit?“
