DEFICIT MAY SIGNAL HIGHER TAXES

We all know that our government has a huge deficit. This year alone is $1.8 trillion. Remember from one of my previous postings, just counting to a billion would take 31.5 years. Be prepared, some day taxes are going to go up.

The Tax Foundation just issued a report estimating where tax rates will have to go to close the deficit. And it's not someplace any of us want to visit. The sad reality is that - all other things remaining the same - Washington would have to nearly triple every tax rate to close the deficit with income taxes alone. And while that's clearly not possible, the numbers do show that painful tax hikes in some form lie ahead. Take a look at the following rates.