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Author: sykesix Big gold star, 5000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 734832  
Subject: Re: IRS Cracks Down on Roth IRA Tax Scam Date: 11/11/2003 2:47 PM
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Since I don't have any kids, it's definitely my money. The buck stops here.

I don't have kids either, but I plan on paying taxes for another good 30, 40 years (Godz willing). Already one the single largest items on the Federal budget is debt service. That cost doesn't build roads, edudcate kids, defend the country, feed the hungry, it doesn't do anything we need and ask the government to do, all it does it cost money, money that we as taxpayers ultimately provide.

We can collectively decide that we want to spend less on education or defense, or whatever, but we can never decide to spend less on the debt. The opportunity to use that money either personally in the form of lower taxes or as reinvestment through government (by building roads, say) is lost forever. In essesence, by borrowing the money to pay for the tax cuts, we permanently increased our taxes in the future by guaranteeing an permament increase in the amount of money required to the run the country.

I think we missed golden opporunity. The budget surpluses could have been used to pay down debt, thereby greatly reducing the amount of money required to run the government. Or it could have been used to privatize a portion of Socical Security, which would have greatly eased the upcomming crunch when the Boomers start to retire. Either way, higher taxes will now be a requirement.




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