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"Debt is future taxes," Mr. Edwards said.
Corporations use the credits as a coupon against future taxes.
Expectations of lower future taxes and higher lifetime earnings may encourage investment and spending.
In the first instance, a government can meet its obligations by raising future taxes.
Mostly from delays of expenditure and from early payment of future taxes.
"I'm setting a $50 limit because I can't afford the future taxes.
Illinois has more than $5bn of unpaid bills and is borrowing against future taxes.
Government debts have mounted (increasing future taxes) and they have earned pitiful returns on their savings.
Of course, all this is provided the pensions are ultimately funded through future taxes.
Because losses can be carried forward to offset future taxes, lossmakers will haunt Mr Osborne even when the economy rebounds.
And if consumers expect higher future taxes in order to finance new government borrowing, they could spend less today.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com