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Politics : American Presidential Politics and foreign affairs
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To: RMF who wrote (61516)1/22/2013 3:04:56 PM
From: Peter Dierks  Read Replies (1) of 71588
 
if we cut taxes to 1% for everyone we will take in the SAME amount of revenue?

Now that is an extreme case. It would take longer, but after a couple of decades of outstanding growth revenues would probably be similar to what they will be under punitive Obama tax rates.

Certainly even you can't claim to believe that destroying capital at an increased rate will increase the growth rate of the economy.

The rule of 20% is not going to go away simply because of Obama's class warfare. Raise the rates to 95% and the government still won't get much more than 20% of GDP. New tax shelters would spring up like wildfire, but the feds wouldn't get more than 20%.
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