Tax Freedom Day will come April 12 this year. TFD is the day when the nation as a whole has earned enough income to fund its annual tax burden — theoretically.
Total taxes this year will cost Americans more than what they'll spend on food, shelter and clothing combined, says Doug Bandow, a senior fellow at the Cato Institute.
- Doug Bandow
Read the rest and learn more at NCPA
The point is this — in addition to the taxes we pay, the federal government adds an additional burden of unsustainable debt and interest on us, our children, grandchildren and generations to come. Unless we address this issue in 2011-2012, America will no longer be the land of opportunity and will become the whipping child of China and the oil cartels that own the massive debt we are accumulating.
If we are going to be honest about our industry's ability to support the retirement expectations of our clients, we must all become vocal advocates of any program that will reduce our dependence on debt as a country and as individuals.