Brief If You Think Taxes Are a Pain Now...
Leonard E. Burman
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[Los Angeles Times] If you thought this year's tax bill was a burden, wait until you see your "share" of government spending in 2050. Tax Policy Center codirector Len Burman looks into the future according to CBO and sees a number of doomsday scenarios looming. Among them are a doubling of all taxes, a tripling of income taxes, and drastic slashes in credits and deductions. Fortunately, the sky is not falling--yet--but much work remains to be done. Namely, to avoid this doomsday, we need to reduce runaway spending, tame deficits, and rethink our priorities regarding further tax cuts until the bigger issues are addressed.
Research Areas Economic mobility and inequality Taxes and budgets
Tags Fiscal policy Federal budget and economy