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Unformatted text preview: The Article: “ Found: $12 t rillion; Uncle Sam may get a surprising pot of gold” makes interesting points about how taxes affect the bigger scheme of things by tying future tax responsibilities of individuals and businesses to the welfare of society, namely Social Security. I t can be inferred that businesses, individuals, and the government are all in a partnership to keep each other from stagnating, and that the venue for collection is taxation. The main proposal of the article is that Baby Boomers will be contributing a large sum of money when they pay taxes on pensions, IRAs and other tax-deferred accounts. These taxations were not accounted for in previous predictions, therefore they can be considered a windfall (McTague, 2003). By 2040, monies collected from pensions, IRAs and other tax-deferred accounts (up to 12 t rillion dollars) would surely ease all fears of social security pool drying up (McTagye, 2003). This previously unpredicted windfall would be a natural boost to the economy.This previously unpredicted windfall would be a natural boost to the economy....
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- Spring '10
- Taxation in the United States