Since the entitlements will cost 3 trillion a year shortly...and we only take in 2.4 trillion a year in taxes...You know something is going to have to give.It won't be cutting benefits.....that is political suicide...So it will be at least a 50% increase in federal taxes. Figure out your IRA/401K deduction will vanish. Figure out your mortgage deduction will be 'phased out'....Figure that a new 10% VAT/National Sales Tax will HAVE to be put in place to 'save the country'.....Then figure a 'one time' (joke joke) 1.5% tax on investment accounts/IRA/401K accounts.....on the current value when the tax is taken. The year after they'll tax your employer paid health benefits out of 'fairness'....And it will get worse from then on....You've got about 8 years before taxamageddeon.t.
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