Tully, Shawn, “Broke! Fixing America’s fiscal crisis, VAT Trap: The inevitable fix for the deficit,” Fortune, 02/05/10

“Here’s the big problem: Government spending is projected at $5.7 trillion in 2020. Total tax receipts are expected to come in at $4.7 trillion, which creates the $1 trillion shortfall. But income tax receipts, by far the government’s biggest source of revenue, are projected to reach just $2.3 trillion. Hence, erasing the deficit would require a 44% increase in income tax revenues to cover that $1 trillion deficit.”