As tax day approaches, U. S. Rep. Bob Inglis used a group of kindergarten students at Hampton Park Elementary in Greenville Tuesday to call for a reform of federal taxes, spending and budget policies. Inglis says he doesn’t want future generations to be robbed of the American promise of opportunity.
Inglis says under the current trajectory, by 2040, mandatory spending will consume 90% of the budget. He says the federal government is set to grow from a traditional 18-20 percent of the economy’s gross domestic product to 40 percent by 2050.
Inglis says under current tax rules, tax rates would climb to a top rate of 88 percent and he says that would cripple the economy. The Republican adds that even raising $3 trillion in new taxes over the next 10 years would not close the national deficit.
Inglis says this year 47 percent of households paid no income tax and that 40 percent of U.S. households made a profit simply by filing their returns. The top 10 percent of earners paid about 73 percent of the federal income taxes.
Inglis is one of 12 cosponsors of Wisconsin Representative Paul Ryan’s “Roadmap for the Future” plan.