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Response to JHB (Reply #5)

Thu Aug 2, 2012, 04:47 AM

23. those rates, if enacted today, would turn America into a 3rd world country within 5 to 10 years

 

On so many fronts, they would utterly destroy the vast majority of legitimate capital formation and the brain-drain from highly-skilled labour's flight outward would make you jaw drop. Furthermore, it would barely increase (and I would say it actually would decrease) the government's intake of revenue, as a percentage of GDP.

Over the past 65 years, no matter what the tax rates were, the US governments revenue take vs. GDP has been between 15% and 21%. This includes the 1955 rates you posted.

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WI_DEM Aug 2012 OP
jpljr77 Aug 2012 #1
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DallasNE Aug 2012 #3
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JHB Aug 2012 #5
LineLineLineLineNew Reply those rates, if enacted today, would turn America into a 3rd world country within 5 to 10 years
stockholmer Aug 2012 #23
JHB Aug 2012 #24
stockholmer Aug 2012 #25
uponit7771 Aug 2012 #11
DallasNE Aug 2012 #14
starroute Aug 2012 #17
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