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. (Read Full Post)

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