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Bankrupting Our Children’s Future:
 Why Spending and Entitlement Reform Is Vital

                                           Alison Fraser
                                The Heritage Foundation

                   Southern California Community Committee
                                              June 9, 2010
Federal Budget in the Future
50

45

40

35
                                                                                          Net Interest
30

25
        Tax Revenue
20                                                         Historical Average Tax Burden, 18.3%

15                                                                                    Social Security
        Other Spending                       2009
10
                                                                                       Medicaid
5
                                                                                       Medicare
0
 1975    1980   1985   1990   1995   2000   2005   2010   2015   2020   2025   2030   2035   2040   2045   2050   2055
Federal Spending and Tax Revenue as a Percentage of Gross Domestic Product
Source: Congressional Budget Office and Office of Management and Budget
Could Raise Taxes to Balance the Budget
30



25



20               Net Interest                                           Other Spending


        Tax Revenue
15
                                             2009                                     Social Security

10
                                                                                         Medicaid


5
                                                                                       Medicare

0
 1975    1980   1985   1990   1995   2000   2005   2010   2015   2020   2025   2030   2035   2040   2045   2050   2055
Federal Spending and Tax Revenue as a Percentage of Gross Domestic Product
Source: Congressional Budget Office and Office of Management and Budget
What would balancing mean for tax rates on our children?
            Marginal Income Tax Rates
 80
 70
 60
 50
 40                                             35         35
 30                                    25
 20            10
 10
  0           2009                    2009      2009      2009
               Lowest                 Middle    Highest   Corporate
               Bracket                Bracket   Bracket     Taxes
Source: Congressional Budget Office
What would balancing mean for tax rates on our children?
            Marginal Income Tax Rates
 80
 70                                                    66           66
 60
                                           47
 50
 40                                               35           35
 30                                   25
                       19
 20            10
 10
  0           2009 2050               2009 2050   2009 2050   2009 2050
               Lowest                 Middle      Highest     Corporate
               Bracket                Bracket     Bracket       Taxes
Source: Congressional Budget Office
Bankrupting Our Children's Future: Why Spending and Entitlement Reform Is Vital
Bankrupting Our Children's Future: Why Spending and Entitlement Reform Is Vital
Bankrupting Our Children's Future: Why Spending and Entitlement Reform Is Vital

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Bankrupting Our Children's Future: Why Spending and Entitlement Reform Is Vital

  • 1. Bankrupting Our Children’s Future: Why Spending and Entitlement Reform Is Vital Alison Fraser The Heritage Foundation Southern California Community Committee June 9, 2010
  • 2.
  • 3. Federal Budget in the Future 50 45 40 35 Net Interest 30 25 Tax Revenue 20 Historical Average Tax Burden, 18.3% 15 Social Security Other Spending 2009 10 Medicaid 5 Medicare 0 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 Federal Spending and Tax Revenue as a Percentage of Gross Domestic Product Source: Congressional Budget Office and Office of Management and Budget
  • 4. Could Raise Taxes to Balance the Budget 30 25 20 Net Interest Other Spending Tax Revenue 15 2009 Social Security 10 Medicaid 5 Medicare 0 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 Federal Spending and Tax Revenue as a Percentage of Gross Domestic Product Source: Congressional Budget Office and Office of Management and Budget
  • 5. What would balancing mean for tax rates on our children? Marginal Income Tax Rates 80 70 60 50 40 35 35 30 25 20 10 10 0 2009 2009 2009 2009 Lowest Middle Highest Corporate Bracket Bracket Bracket Taxes Source: Congressional Budget Office
  • 6. What would balancing mean for tax rates on our children? Marginal Income Tax Rates 80 70 66 66 60 47 50 40 35 35 30 25 19 20 10 10 0 2009 2050 2009 2050 2009 2050 2009 2050 Lowest Middle Highest Corporate Bracket Bracket Bracket Taxes Source: Congressional Budget Office