As measured by an outside observer, time stops at the event horizon as surely as taxes will be around forever. It slows as viewed by an outside observer as the object or person being observed plunges towards the horizon. Near the horizon time slows until a single second (near horizon time) will elapse only after waiting a few generations. At the horizon itself, time stops absolutely. Of course, to a person plummeting helplessly towards the singularity, time passes as normal. I'm going to have to stop writing now, because if I don't I'm going to have to make a joke from a Douglas Adams book (anybody read him? REAL funny). Sorry.