Considering Wayne Swann, the rabbit in the spotlight, is talking about projected "temporary deficits" until 2015...
What does he think is going to happen from 2015? Um, the baby boomers - because they have been undertaxed over the past 20 years - are going to start sucking down the pension, and expensive health care because they didn't save for their retirement.
Is anyone else out there frightened that those of us aged 0-40 are going to have much higher taxes to pay for the current projected deficit of $200 billion, which comes with a 5-8 billion dollar interest bill each year - as well as the 20-50 billion dollar deficits predicted by the intergenerational report come 2015 onwards???
Perhaps we should introduce an estate tax to take back the tax the baby boomers should have been paying for the past 20 years?
Especially seeing as they are all now salary sacrificing into super, paying no tax for the last 10 years of their working life - and can withdraw it all in retirement tax free?