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Section 6
Taxes Are Going Up:
Bills Are Due and Payable
I hate to bring you bad news, I really do. It probably will soften
the blow that you already know the bad news: taxes are going
up. Not maybe, not probably, not “taxes will go up unless …”
Taxes are going to go up in the future. There are several factors
that make this a near certainty, and none of those reasons are
going away.
The first, and most pressing, reason that taxes will have to be
raised is the aging of America. Many of the Baby Boomers have
already begun to collect Social Security. The oldest members
of this group qualified for Medicare starting in 2011, when they
turned 65.
We will now have millions of new people on the rolls collecting
Social Security and receiving Medicare benefits. Since Medicare
covers healthcare costs, and healthcare costs have been
skyrocketing for years, the cost of providing Medicare benefits
to these millions will be staggering. When you add these costs
to the already-astronomical budget deficit, which the Treasury
Chapter 1: The New Retirement
