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May 19, 2010
Graph of the Day for May 19, 2010
"The feds assume a relationship between the economy and tax revenue that is divorced from reality. Six decades of history have established one far-reaching fact that needs to be built into fiscal calculations: Increases in federal tax rates, particularly if targeted at the higher brackets, produce no additional revenue... a ratio of federal revenue to GDP of no more than 18.3% would be realistic."
David Ranson, Wall Street Journal.
Source: David Ranson, Wall Street Journal. HT: sedonaman.
Hoven's Index for May 19, 2010
Average federal revenues, as % of GDP, over various periods:
Source: US Government via GPO Access, Table 1.2.
Graph of the Day Archive.