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AMERICA’S $1.4 TRILLION TUESDAY
It’s Tax Day and millions of Americans are rushing to get their federal income taxes paid before the midnight deadline. Uncle Sam’s haul this year is going to be enormous, estimated at $1.4 trillion from individual taxpayers alone. What does all that buy you? Well, an estimated $427 billion will be needed just to pay interest on existing federal debts. We’re offering some tax and spending facts today as you race the clock.
[A report from the Tax Analysis Center to be released today will show reducing the corporate tax rate from 29 percent to 9 percent would increase U.S. wages by more than 10 percent . – Watch Fox: Chief National Correspondent Jim Angle considers the effort to rewrite the corporate tax code.]
Tax Day is now also ObamaCare Day - For many Americans, today marks their first contact with ObamaCare as new taxes to finance the program’s insurance subsidies kick in. New income taxes on top earners, an increase in federal payroll taxes and new taxes on investment income will help pump an estimated $20.5 billion into the program. National Journal explains the unwelcome surprises for taxpayers: “Most people won't notice the extra Medicare tax because it was automatically deducted from their paychecks, but some could face a tax bill they did not expect, said Jackie Perlman, principal tax research analyst at the H&R Block Tax Institute. The Affordable Care Act also raises the bar for writing off medical expenses.” Watch Fox: Correspondent Doug McKelway analyzes the coming impact of ObamaCare on federal taxes.