June 29, 2006 03:44 PM | Permalink |
Last month, President George W. Bush signed into law another round of tax cuts. The latest cuts provide temporary capital gains and dividends tax cuts and AMT relief. But these tax cuts are being paid for entirely with borrowed money. In fact, over the fiscal 2002-07 period, the national debt, including amounts owed to the Social Security Trust Fund, will balloon by $3 trillion. The cost of this borrowing binge will ultimately come out of taxpayers’ pockets, either through spending cuts or future tax hikes.