Tax increases as Baby Boomers retire

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Tax increases as Baby Boomers retire

United States Comptroller General, David Walker has warned a White House conference on ageing that the retirement of the Baby Boom Generation will put a massive strain on the federal government's future resources and could lead to substantial tax increases if lawmakers don't begin to act now to tackle the demographic timebomb.

According to Mr Walker, the GAO's simulations show that balancing the federal budget in 2040 would require some tough choices and could mean that taxes will have to be increased by 2.5 times their current level, or federal spending cut by 60%.

“While nobody likes tax increases, including me . . . in the final analysis, over the longer term, you have to have enough revenues to pay your current bills and deliver on your current promises,” he stated.

However, Mr Walker believes that the challenge can be met without resorting to such drastic action if lawmakers begin to tackle the problem sooner rather than later.