Deficits, Taxes, and Spending

February 11, 2012

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No matter how high taxes have been in the past, even when the top income tax rate was 70%, “the U.S. has never in its history been able to get tax receipts up above 20.4% of GDP.” The GDP contracts as money is syphoned from productive investments in the private sector into wasteful government spending. 

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Further reading: business insider

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