A temporary resolution to the question of what the federal estate tax should be is a key part of the tax cut deal . . ....Read more
Economist Says Elderly Will Be Main Victims of Bush Tax Cuts
- September 18th, 2003
The Bush administration''s crusade to cut taxes is deliberately setting the United States up for a fiscal crisis in which the elderly will be the primary victims, according to an article by Princeton University economist Paul Krugman in The New York Times Magazine.
As the baby boomers move into retirement, Krugman says that the lack of tax revenue will make it possible for conservative politicians to fulfill their agenda of dismantling immensely popular government programs like Social Security, Medicare and Medicaid that would otherwise have been untouchable.
If this happens, Krugman predicts, "America a couple of decades from now will be a place in which elderly people make up a disproportionate share of the poor, as they did before Social Security. It will also be a country in which even middle-class elderly Americans are, in many cases, unable to afford expensive medical procedures or prescription drugs and in which poor Americans generally go without even basic health care."
To read the New York Times Magazine article, go to: http://www.nytimes.com/2003/09/14/magazine/14TAXES.html.
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Law Offices of John L. Laster
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