Over the next 10 years, the U.S. economy, without factoring in any growth, will exceed $100 trillion. In that time, the federal government will collect $25 trillion to $30 trillion in taxes. Presently, Congress is hotly debating either a $550 billion (House) or $50 billion (Senate) tax cut spread over 10 years –– a difference of $200 billion. That’s .2 percent and .7 percent of the economy and taxes collected over the 10-year period. Considering the accuracy of economic forecasting, what is being argued doesn’t even qualify as a rounding error. Politics, anyone?

Michael J Keogh