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I live an upper middle class suburb of Chicago. Although the majority of residents are conservatives, government is enormous. Even the government here is struggling. They announced the layoff of teachers. The town council voted for a 2 cent per gallon tax on wind. We now pay a total of 50 cents for tax on each gallon. The state is proposing a 2/3 increase on individuals income tax and a 1/3 increase on corporate tax. We now the income, so they'll continue to raise the taxation's.
Even these headline numbers can contact us that present deficit could be the result of both a decline your overall tax rate also as an increase in spending compared to GDP. The economy grew at a rate of 3.98% over the decade, while spending grew through a rate of 6.81% and government receipts grew functional 0.66% on a yearly basis.
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