Despite this bleak outlook, higher tax rates and the slower-growing economy that would come with them are not inevitable. Congress and the President must cut spending, and they must do so soonóbefore interest expenses and entitlement spending take off. It is time for Congress and the President to stop the current trajectory of massive spending and borrowing and be honest with the American people about the hidden deficit taxes that they are asking them to pay in the future. As millions of American taxpayers are finding out on Tax Day, taxes are already too high. Rather than pass on these hidden deficit taxes, it is time for Washington to get to work and cut spending.
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