Almost nobody likes tax day, but people may look back nostalgically on tax day 2010 and those of earlier years because, almost certainly, taxes are going up in the future, and they may go up a lot. With hindsight, tax day 2010 may seem almost dreamy. Why? For starters, almost half of U.S. households aren't paying any income taxes on their 2009 earnings.
PHOTOS
The exact figure is 47 percent!
So that's pressure for higher taxes. But it's peanuts compared to the real threat: an aging America. As almost everyone knows, the huge baby-boom generation is edging—or collapsing—into retirement. Its first members, born in 1946, turn 65 in 2011, when they will qualify for Medicare. Some have already taken Social Security as early as 62 at a reduced rate.Boomers collecting benefits, combined with uncontrolled health costs, are the underlying engine for rising federal spending and endless budget deficits.
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