Wednesday, January 30, 2019

On the Fact that (According to a Recent Wall Street Journal Article - Tax Revenue as a Percentage of GDP In 1957 (Back When We Had Those Ridiculously Exorbitant Tax Rates) Was 7.7% and Today it Is 8.3%

Yeah, a 70% tax rate today on paper could possibly raise that percentage (the fact that there are far fewer loopholes today) but the fact of the matter remains that when you tax something you tend to get less of it (a little thing called incentives; folks will either produce less or move out of the country) and even if this fundamental precept of economics gets suspended, 70% on everything over $10,000,000 a year would only raise about $2 trillion over ten years, a pittance in that the Medicare for all scheme alone is going to cost $32 trillion over that same time-frame (never mind the green boondoggle, free college for everyone, etc.). Hopefully at least a few of the Democrats in the running for the Presidential nomination scale this shit back a bit because this is insanity, pure and simple.

No comments: