Tuesday, April 6, 2010
Tax the rich and feed the poor...until there are no rich no more.
As the graph at left shows (tip o' the hat to James Hamilton for that), tax revenues have averaged about 19.2% of GDP through history no matter what the marginal tax rate was. If you think raising taxes on "the rich" is going to pay for much, history proves you wrong. Read this piece from the Wall Street Journal and you'll see the evidence. That is why I have said over and over...the VAT tax is coming as sure as day follows night. Dry your eyes, go back to work and PAY UP SUCKER!
BTW I robbed the above line from Alvin Lee and 10 Years After a great band from the 1970s. Here they are singing "I'd love to change the world." Yea, you and me both buddy.