deficit hawks often sidestep a no-less important trend: In recent decades, tax rates--especially for the rich--have been on the decline by historical standards. Everyone likes getting a tax cut, but it's worth remembering that the shrinking of tax revenue has contributed to the deficit problem, just as spending has.If we are going to our budget by giving grace to the wealthy there had better be a public benefit. If not, we are just being stupid or duped.
Sunday, March 20, 2011
Charting historical tax burdens
Once again here's another chart showing that a major contributor to the deficit problem is historically low taxes.