Paul Ryan (via PowerLine):
I actually wrote a letter to the non-partisan Congressional Budget Office asking them what kind of tax rates my kids and their generation would have to pay when they’re my age to finance the government’s current spending promises.
The CBO was quite clear: The bottom tax bracket, which is now 10 percent, would have to rise to 25 percent. The middle rate would have to rise to 63 percent. And the top rate, the rate many small businesses pay, would rise to 88 percent. Then, in the next sentence, they deadpanned, “This could have some negative effects on the economy at that time.” [emphasis mine]
I am reminded of a people who were told (when they asked for a king to rule them) that he would take their sons, their daughters, their crops, their animals–their very freedom. The people didn’t believe the warning. “No!” they said “We want a king over us. Then we will be like all the other nations, with a king to lead us and go out before us and fight our battles.”
We have the opportunity to take Mr. Ryan’s warning to heart and to avoid the heartache which must come if we ignore the realities of our government spending policies. Let’s do it.