Raise your hand if you’d like to pay more income tax.

As seen in The Oakland Press

April 12th, 2026

Raise your hand if you’d like topay more income tax.

by Ken Morris

It’s almost here! April 15. Unless you filed for an extension, the income tax filing deadline is just days away. The process of preparing and filing a tax return has become easier for many. And according to reports, refunds are larger than last year. Even though it takes a significant bite out of everyone’s paycheck, Uncle Sam somehow spends far more than he brings in through tax revenue every year. That somehow is called deficit spending.

Our national debt is fast approaching $40 trillion. The loan interest on that debt is one of our nation’s largest expenses. Paying down the debt, unfortunately, is a pipe dream. It’s all Uncle Sam can do to just pay the interest.

If we continue on the current trajectory, the Congressional Budget Office (CBO) estimates that by 2036, for every dollar of income generated by tax revenue, 26 cents will go to loan interest. Said another way, less than 75 cents of every dollar will go to national defense, infrastructure, social and other important programs.

Many think the solution is simple. Just tax the wealthy more. But that’s simply not realistic. Most people are surprised to learn that America’s billionaires, .0003% of the population, already pay more than 35% of their income in taxes.

And keep in mind, for the ultra-wealthy, much of their wealth is not in the form of annual income. It’s in businesses and other assets that don’t necessarily generate a taxable income. Both California and Washington are contemplating taxing accumulated wealth, which is one of the reasons the super wealthy are fleeing these states.

My point is that the issue of not having enough tax revenue to cover expenses won’t be solved by increasing taxes on you, me or the wealthy. Rather, the solution is for Uncle Sam to be a much better steward of the money we pay in taxes. Cut the waste, improve efficiency and, above all, get rid of the ridiculously rampant fraud.

It’s time for Uncle Sam to get serious. Our government cannot continue to spend more than it takes in. The CBO has painted a grim future. Major rating services have downgraded our nation’s debt. We may be an A or A-, but we no longer have the very important A+ rating. Our overspending is a contributing factor to the increased interest in cryptocurrencies, collectibles and hard assets, such as silver and gold.

Over the years, many clients have complained to me about their taxes. An advisor can help you minimize your tax liability and create a tax efficient investment portfolio. But you need to settle up your tax bill by theApril 15 deadline. You can request an extension, but when you ultimately file, if you haven’t paid enough in taxes, there are penalties for your shortfall.

Most people feel they pay too much in taxes, but that certain other people should pay more. I think we’d all feel better if our elected officials would restrain their spending and monitor the programs that our tax dollars fund. Hopefully Uncle Sam will get our financial house in order, and soon.

I’m excited to share my new book, “Where Have All the Pennies Gone?” It’s available through Amazon and Barnes & Noble. It’s a compilation of some of my favorite post-Covid articles.