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.
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.
“...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.