Friday, June 23, 2006

Tax Cuts Are Expensive

That's why rich guys want you to pay for 'em. San Francisco Chronicle (05.31.06), via MaxSpeak:
"The problem is that there is no such thing as a free tax cut, unless — ironically in this case — you die before the bill comes due. It is those born into our current fiscal quagmire who can't avoid the burden — an inherited share of the public debt that is, to date, $28,000 per American, and rising." 'Death Tax' Repeal Unfair to Those Who Owe 'Birth Tax'
"However, this amount probably understates the burden on the youngest and yet-to-be-born Americans, because the commitments to programs such as Social Security and Medicare will rise over their lifetimes." "By adding to the debt, estate-tax repeal would eventually raise this per-person burden — the 'birth tax' — by thousands of dollars over their lifetime (including more than $3,000 from just the first 10 years after it would take effect)." For an historical perspective, Max has a helpful graphic (gross Federal debt per capita since 1959, inflation-adjusted to 2005 prices (CPI)):


Post a Comment