Saturday, July 16, 2011

And now, a brief word from the adult in the room:

Since the federal income tax was established in 1913, the US economy grew faster and created more jobs when top tax rates were the highest.

“All you need to know is that revenue is now 15 percent of GDP,’’ says Alan Simpson, former assistant Republican leader in the Senate and co-chairman of the recent bipartisan deficit commission. “That is the lowest since the Korean War. The historical figure has been 19 to 20 percent."
---Boston Globe  July 13, 2011