Though Barack Obama is offering record tax cuts this year as part of a new stimulus package, make no mistake -- taxes will rise substantially in the next decade. The reason is simple: As 76 million baby boomers hit their rocking chairs, we're poised to double the number of seniors on Social Security and Medicare.

We've already got $50 trillion in unfunded liabilities in these and related programs. There's no way to make the math work at current levels of taxation.

Don't...