Financial Uncertainty Of The Us National Debt

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We live in a time of uncertainty. One of which is financial uncertainty, which affects all Americans regardless of social economic status. According to the Congressional Budgeting Office the US national debt is on track to being equal 78% of the gross domestic product by the year 2024 (Trumbull). Social Security pay outs have neared a level that will soon be unsustainable without a significant increase in taxes. Corporate taxes are now close to 40%, and considered to be one of the highest tax rates in the world (Stone). Former U.S. representative John E. Linder stated that the corporate tax rate has forced many of our good paying manufacturing jobs to be relocated outside the country in order to stay competitive. Making it difficult for low wage earners to transition up in income and support their families like previous generations. The problem for the American job market could be resolved if it were not for the 15 trillion dollars remaining in off shore financial centers because of the high cost due to taxes when the money is repatriated. In addition to the corporate costs, taxes have driven 2 to 3 trillion dollars into an underground economy where no taxes are paid at all (Linder). Jonathon Gruber wrote in his book Public Finance and Public Policy, that tax evasion is estimated to be $280 billion dollars a year! For those who do pay, the estimated costs for filling out the forms in order to pay the taxes is over $350 billion dollars a year. This is quickly becoming a
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