The Future of Taxes

Megan hits the nail on the head:

I think we’ve finally hit the wall on deficit spending.  There is no more room for tax cuts, or new spending, or anything else government wants to do.  Unless the budget picture improves dramatically, there is but one inevitable course, which is whacking great tax hikes to pay, not for any new program, but for the spending we’re already doing.  Obama’s trying to put off that discussion for as long as possible, because once it starts, there isn’t going to be much appetite for $100 billion worth of new annual spending, whether or not it’s “paid for”.  All “paying for it” means is that we have to raise other taxes even further.

Read the whole thing for a sobering peek at the future.

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