Not for long.
Hauser's law is based on the observation that, no matter how high or how low the tax rate, feral government revenue averages 19.5% of GDP.
Income tax revenue comes from income. If you want less of something, tax it.
Posted on 12/05/2012 3:44:24 PM PST by Hotlanta Mike
If Congress allows current laws signed by President Barack Obama to stand and follows the fiscal path they have set for the next decade, federal tax revenues will rise to a record level as a percentage GDP, according to the Congressional Budget Office, but annual federal spending will also increase by 55 percent and continuous deficits will require Congress to lift the federal debt limit by another $4.25 trillion even as the government rakes in unprecedented tax revenue.
Under the so-called "fiscal cliff" scenario, in which all of the Bush tax cuts are allowed to expire and “sequestration” of some anticipated federal spending takes place, the federal government still will not balance its budget.
(Excerpt) Read more at cnsnews.com ...
Only if people have taxable income to tax.
I think most intelligent America are getting tired of this BS. Same talk over and over with nothing of substance therefore no changes and we are toast.
Problem is the sore lack of intelligent Americans.
The +20% of GDP tax revenue will only be temporary. The historical average of tax revenue in the US is aprox. 17.5% of GDP irregardless of rates. What the article and the CBO fail to account for is changing economic behavior of taxpayers. It’s called ‘Tax Avoidance’. Working less, spending less, and/or something called the ‘black market’. Earners will do whatever they have to keep as much as they can. It’s historical...
I say give in to Obama’s ludicrous offer. If we are going down the tubes, better that we get to it quickly. Give him what he wants, voice our reservations and let him own it outright. Then he will have no one to blame for the catastrophe, and maybe, just maybe, socialism (or ‘progressivism’) will be discredited for a few generations. Unfortunately, the damage will be so great, that it will take forty years to recover, but the economic Apocalypse is coming either way. Going over the cliff at 45 mph, frankly, is not better than going over at 90 mph.
I say give in to Obama’s ludicrous offer. If we are going down the tubes, better that we get to it quickly. Give him what he wants, voice our reservations and let him own it outright. Then he will have no one to blame for the catastrophe, and maybe, just maybe, socialism (or ‘progressivism’) will be discredited for a few generations. Unfortunately, the damage will be so great, that it will take forty years to recover, but the economic Apocalypse is coming either way. Going over the cliff at 45 mph, frankly, is not better than going over at 90 mph.
Not for long.
Hauser's law is based on the observation that, no matter how high or how low the tax rate, feral government revenue averages 19.5% of GDP.
Income tax revenue comes from income. If you want less of something, tax it.
It is my sworn duty to uphold the law....Hauser’s Law, that is!
“...rakes in unprecedented tax revenue”
Who they kidding!!!?
Seriously. no jobs means no industry ...no business..?
Friggin’ loons!!!
One cannot abstract from state and local tax revenue.
The years 2000 and 2007 recorded the highest total government revenue divided by GDP at about 37%. 2001 and 2008 were both recession years which caused a substantial drop in government revenues.
http://www.usgovernmentrevenue.com/revenue_brief.php
It’s interesting that the two high years, one under the Clinton tax rates, and the other under the bush tax rates yielded almost identical revenue.
Apply within, subject to limitation of 49 employees maximum and less than 30 hours/week/employee with no benefits as stipulated by President Obama and his crooks in the White House. People who voted for this mental midget need not apply.
They ain’t seen nothin’ yet...CA will be Detroit on the Pacific within a couple of decades
“...revenues will rise to a record level as a percentage of GDP.”
I had to look at the “debtclock” to see some real numbers. Like I told my daughter last night this “fiscal cliff” negotiation is talking about hundreds of billions of dollars.
But I compared it to jumping off the edge of a stack of a few magazines I had on the table. Then pointed to the numbers of:
$16.3 Trillion Debt and growing at 1+ trillion a year.
$4 Trillion owned in interest on the debt.
$15.5 trillion GDP (the entire sum of what the U.S. makes, builds, grows, mines, etc. in a year)
And revenues (current) of $2.5 Trillion a year. Heck, lets make it $3.5 trillion a year to give Obama what he wants. Still doesn’t cover even the interest on the debt! Much less running the government).
After I pointed all of that out, I compared the 3 inches of magazines to the height of the kitchen table. THAT is the real problem, and will make this “fiscal cliff” look like a “bump in the road” as Obama would say.
“Problem is the sore lack of intelligent Americans.”
My daughter had to prep for this “fiscal cliff” talk in her government class (ninth grade). The other kids just didn’t understand it AT ALL and she was getting frustrated as she tried to explain it to them in their “round table” discussion.
The teacher in giving the lesson started explain it and talking about income tax, etc. After about the third mention of the term “income tax” one of the kids said “What is an income tax?”
Most of the other kids chimed in “Yeah - what is that?”
My daughter had this look of shock, eyes wide, jaw dropped, frozen like a deer in the headlights. The teacher looked over at her, shook her head snickered, and then explained what “income tax” is to these kids (3 years away from being able to vote!).
Bump
Also note that they are training Boner and the rest of the Republicans for their role (ala Bob Dole) as tax collectors for the welfare state.
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