We'd have a balanced budget if we'd return to the marginal rates under Reagan.
Originally Posted by theaustinescorts
Completely wrong.
In those days, we collected total federal tax revenue of around 18% of GDP, give or take a little. In fact, that percentage has been more or less constant for decades, up until the recent downturn when revenues dropped sharply in the immediate aftermath of the financial crisis. Since we're spending close to 25% of GDP at the federal level, we'd still be left with a rather large gap.
And we'd have a surplus and start paying down the debt if we'd eliminate Federal law enforcement and get rid of the military.
Originally Posted by theaustinescorts
Wrong again! Care to try for strike three?
Actually, when all taxes are considered, our system is unfaotunately only mildly progressive.
Originally Posted by TexTushHog
Actually, our tax system, taking into account
all tax types (income, payroll, property tax, sales tax, gasoline taxes, VAT, etc.) is
far more progessive that the type of system typical of a European social democracy like France. It's just that total taxes levied as a percentage of income are lower across the income distribution here in the U.S., but the disparity is widest for the lower income groups.
This graph is a real eye-opener for many people: