Actually, it's not possible to even pay for the current government spending by taxation. I believe that the US government is now spending roughly the same amount as the GNP. If that's the case, then the only way the government can cover its spending would be to confiscate 100% of all the goods and services produced in the USA, leaving nothing for the people who actually did the work. Forget taking a a percentage, the government needs it all.
Mark
actually, the nation ‘brings in’ about $12 trillion per year (GDP).
the federal government spends about $4 trillion per year.
annual taxation brings in about $2 trillion.
spending is just *way* out of control. we’re spending 100% more then ‘we’ (the govt) brings in.