Not nearly enough


What does government do when your money runs out?

Here is an interesting set of facts. If the government increased the top tax rate from the current rate of 35% to 100% (yes, that's right 100%), it would only collect an extra $400 billion this year. In other words, confiscating all the income that is currently taxed at 35% would not raise enough revenue to cover any of the annual deficits projected in the next 10 years. There is no way that tax hikes on the rich alone can pay for proposed spending in the current budget.
— Brian S. Wesbury and Robert Stein, Tea Party Economics

Hat tip Brain Terminal.

— NeoWayland

Posted: Wed - April 22, 2009 at 01:46 PM  Tag


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