$8.6 trillion bill sent to future generations

With the 2003 tax cut and a huge prescription drug benefit, the folks in Washington ran up an unprecedented bill they’ll leave to future taxpayers.

It could probably be shown by facts and figures that there is no distinctly native American criminal class except Congress.– Mark Twain

Has it occurred to you that both political parties are a threat to our liberty and the future of our country? Let’s limit the evidence to two pieces of legislation enacted last year. The first was the Jobs and Growth Tax Relief Reconciliation Act of 2003, passed last May. It provided a major tax cut for current taxpayers. That’s not something one normally associates with a threat to liberty.

The second was the prescription drug bill. It was part of a major overhaul of Medicare passed in November. Most people don’t think of prescription drugs as a threat to liberty, either.

But consider the two bills together. They work to maximize income and benefits for those living (and voting) today by sending a gigantic bill to our children and grandchildren. This is not political hyperbole. You’ll be amazed at the burden our politicians dropped on the kids in a single year.

Democrats wanted a smaller tax cut and a larger prescription drug benefit. Republicans wanted a larger tax cut and a smaller prescription drug benefit. What we got was their idea of political compromise — a new obligation for future taxpayers, enacted in a single year, of about $8.6 trillion. It’s the biggest tax increase in history, reserved for our kids.

Link $8.6 trillion bill sent to future generations