Stockman called out this scam in the early eighties, and Reagan “took him to the woodshead”. Stockman called for tax increases back then...and pointed out that deficit spending had to be curtailed...he was publically almost booted out of the GOP.
It’s payback time.
Thanks for the bit of history.
No matter what the tax rates have been, even at 70 and 90 percent top marginal rates, the Federal Gov has collected about 18% GDP as revenue. It’s known as Hauser’s Law. Christine Romer & hubby wrote about what happens when taxes increase, GDP falls.
We don’t have a tax revenue problem, we have a spending problem!