Taxes Are Not Too Low: It’s the Spending, Stupid | The Heritage Foundation

Taxes Are Not Too Low: It’s the Spending, Stupid | The Heritage Foundation: "Tax Hikes Can’t Fix the Deficit
Current Taxation: In 2010, the federal government collected roughly $2.2 trillion in total tax revenue. Income taxes accounted for $900 billion of collections, or about 40% of all tax receipts. The federal government spent around $3.5 trillion; the resulting deficit of $1.3 trillion was made possible by borrowing."