Chief Prognosticator

Ever Have a Headache THIS BIG?

Do big numbers scare you? If so, stop reading right now!

Ok, I just read this scary article on CNN Money titled “The 44th president’s $4 trillion headache” and it gave me the creeps. The $4 trillions comes from two major tax issues the next president will have to face. The first is the 2001 and 2003 “temporary” tax cuts that Bush signed. Those are set to expire soon which means that taxes will go up to where they were before. If the president makes those cuts permanent…. poof! $2 Trillion in debt over the next 10 years. And the other $2 Trillion? That’s the projected cost to fix the AMT (Alternate Minimum Tax) — that sneaky little part of the code which is now haunting millions of middle class taxpayers. To fix it back to where it should be — preventing the super-wealthy from not paying any taxes — will mean a $2 trillion shortfall over the same period.