Given the current state of federal debt and solvency issues with entitlement programs, it is likely that revenue needs will lead to higher taxes.
The federal government recently released a report on the nation’s finances, including longer-term projections for a rising deficit, which could mean higher taxes in the future. On a positive note, the Congressional Budget Office (CBO) report reflects a current decrease in the annual budget deficit for the last fiscal year. The easing of the deficit
Growing federal budget deficits may result in possible tax increases, influencing retirement planning
Despite a report this week pointing to decreasing federal deficits over the next two years, the longer-term outlook for tax rates grew murkier. After four consecutive years of topping $1 trillion, the U.S. federal deficit fell to $680 billion, or 4.1% of GDP, in 2013, according to the Congressional Budget Office (CBO) Budget and Economic