Your taxes are about to increase. So are mine, and so are everybody elses. And there's nothing we can do about. It won't happen today or tomorrow, but it will happen soon -- and once the rates increase they will remain high for a very long time. That's the dire forecast contained in an IMF report released this week, which predicts governments around the world will have no choice but to enact major tax increases and sweeping spending cuts.
What does America get in return for all those extra tax dollars we will soon be paying? Absolutely nothing. Remember the double-whammy; spending will also be cut back.
Voting Republican will neither mitigate or forestall future tax hikes. Bashing President Obama and labor unions will not change a thing. Nor will voting Democrat and blathering on about the excesses of corporate America and Wall Street greed. Control is an illusion; the result here is a fait accompli. The tax burden will not remain at 18% of GDP for much longer.
View TaxAnalysts's Bob Goulder's opinion in its entirety on TAX.com.