In coming years, effective tax rates may reach 50, 60, even 70 percent. This will be no socialist paradise. It will be a national nightmare, because even with confiscatory tax rates, politicians will still have no choice but to chop Medicare and Medicaid—leaving tens of millions of people without adequate health care. Retirement ages will be raised well beyond 70. And if you are in the military, start looking for another career, because everything from our aircraft carrier fleet to the man on the beat is going to be mothballed.
Sound unbelievable?
