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No. of Recommendations: 7
Vote Republican. I don't usually pass along political advice, but Gore and company will enact many new spending programs. The surplus will not last one minute longer than the next downturn in the economy. When the Democrats are able to put new spending programs in place, which initially will be fed by the surplus, it will become necessary for taxes to be raised to offset the inevitable decline in the surplus. If most of the surplus is returned now to taxpayers via tax cuts, then there will be no money for the new programs, and thus no need to raise taxes down the road. In the event taxes still must be raised for needed programs, then the tax increases simply will return the overall rates back to their current position, as opposed to being on top of the current rates. For all retirees, the biggest fear should be the irresistable urge Democrats will have to tap into the value of the retirement and investment accounts of the folks who had the good sense to build them in the first place. There are a variety of taxing mechanisms that can be used to tap into the value of retirees' accounts. Just some food for thought.
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