Tax law and tax rates vary by year, with change a constant. Another constant is our nation’s ever increasing debt. Our nation’s current debt is approximately $21,868,000,000,000. That is a lot of zeros and not a good thing!
In the brief few minutes it took to prepare this blog post our nation’s debt increased another $2,000,000. It really is incredible and something most do not give any thought to.
Current individual income tax rates, in comparison to historic rates, are quite low. Take a look at the 1954 individual income tax rate table:
It is hard to believe but the top individual income tax rate in 1954 was 91%! The top individual income tax rate for 2018 is 37%.
With uncontrolled spending, it is a certainty our nation’s debt will continue to increase. How will this be addressed and resolved?