Where are future tax rates going?
| March 04, 2013
Taxes will play a vital role in the future, and may dramatically impact your retirement. Currently the United States government has more than $100 trillion in unfunded liabilities, and more than $15 trillion in debt (Source: www.usdebtclock.org). How are we going to pay off these debts? The only way the government can generate revenue is through taxes. With the exception of a few years in the mid-1990s, each year the US Government has spent more money that what it received in taxes. This spending has resulted in the significant amount of past debt that we have to pay off. Many experts believe we need to both cut government spending and increase taxes to repay the $15 trillion we owe.