July 22, 2009
A good man leaves an inheritance to his childrens children. That bit of insight is from the wisest man who ever lived Solomon, the author if the Book of Proverbs.
Notice that Solomon is not calling for us to just hold back of little of our savings to leave something for your kids, but rather that it is prudent foresight that leads to investment in future generations.
Such advice would be considered radical in America today, especially in Washington where the nations debt is currently $11.5 trillion, with another trillion projected to be added this year. In fact, for every dollar that the federal government is currently spending, 47 cents is borrowed. When federal, state and local government debt is combined the average familys burden of that debt is almost one million dollars.
As a nation, weve not only lost the biblical ideal that one generation should pave the way for the next by investing in its future, but we have decided by our fiscal irresponsibility to live on Easy Street and let our grand kids and great-grand kids pay the mortgage.
Thats not right, and its got to change. To learn more about how federal tax policy affects your family, click here.