There is a chapter that normally appears in every budget called the generational forecast. It has not been in the last couple of budgets. That states because of the $5 trillion national debt, unless something is dramatically done, the children born after 1992 entering the work force would have a combined State, local and Federal tax rate of between 70 and 90 percent. That is unconscionable.
Discussing the absence of the generational forecast in recent budgets and its implications for future tax rates.
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