It’s been estimated that by 2023, the average taxpayer in the United States could be facing a tax spike of up to 10%—and that could drive many taxpayers into bankruptcy. This skyrocketing of taxes is due to several factors, but the most significant one is the federal government’s increasing need for revenue. With national debt reaching record highs, the federal government is turning to tax increases to make up the difference. This could mean that the average taxpayer could be paying up to 10% more in taxes in a few short years. This could be devastating for many taxpayers, leading to bankruptcy and other financial woes. It’s important for taxpayers to take steps now to prepare for this potential tax spike and make sure they’re in the best financial position possible.

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source: Phys.org