What kind of moron thinks raising taxes should result in tax revenue increases??
The same morons who think Biden is fit to serve a second term no matter what.
Exactly.
Unfortunately, that's the kind of moron running our government.
My corner store sells 100 candy bars a day at $1 each. They should raise them to $2 each. The owner would make an extra $36,500 a year!
Inflation itself usually results in increased revenue.
For example, there is a 12% Federal excise tax on Class 8 trucks. In 2019, a 2019 Peterbilt cost $168,000. In 2023, it cost $193,000.
.gov loves inflation.
It is called the Laffyer Curve. If you impose zero taxes you have no tax revenue. If you impose 100% taxation people refuse to work unless under a totalitarian dictatorship. You work and they government gives you minimal sustenance as in North Korea. It is all about power and control.
Oddly, the Laffer curve is about 45% of your income. This is not just income tax but all taxes i.e. income tax, sales tax, property tax, excise tax, taxes on fuel, food, etc. New York, California, New Jersey, Massachusetts, etc. have gone past this and actually have reduced revenue. The red states are on the left of the curve. The blue states are on the right of the curve and thus have reduced revenue.
I am not an advocate of maximum revenue for government. I like to be much left on the laffer curve. To achieve this one must cut social spending on unneeded projects that are political. This also includes military as it has many programs that need deletion without harm to our safety.
Exactly