Options: Where can the money come from? | ||||
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In 1968, President Johnson asked Congress to enact a one-year 10 percent income tax surcharge to help pay for the cost of the Vietnam War. A space was designated for citizens to add the surcharge at the bottom of their tax return. According to the Congressional Budget Office, a one-time 10 percent income tax surcharge would generate $127 billion – more than half of President Bush’s program to rebuild New Orleans and the Gulf Coast. The New York Times projects that a progressive income surtax of up to $50 per month for five years would produce $25 billion.
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