Tax Help Blog

Want a tax cut? Too bad! The federal government racked up nearly $1.8 trillion in additional public debt in fiscal year 2009! Elect a hundred Ron Paul clones to Congress to hack at least a trillion in core government spending and you can dream of a tax cut. The economy might start growing again. One-time stimuli might end. So it might “only” take a trillion dollar cut in core spending to bring the budget into balance. But frankly, you should just dream. 100 Ron Paul clones are not likely to win in 2010, and even if they did win and cut the core budget by a trillion, we still should keep taxes high or even raise them. The baby boomer generation is preparing to retire. We should have been paying down the national debt for the past two decades in order to prepare for this actuarial nightmare. Instead, we’ve gotten an optional war in Iraq, new entitlements and tax cuts for the rich. We need huge budgets surpluses now to catch up — unless you like the prospect of financial collapse and Atlas shrugging. [...]