The Babe Theory Of Political Movements.
Mar. 21, 2005 11:50 AM
Iran's Sham Election In Houston.
June 20, 2005 5:36 AM
Yes, Kanye, Bush Does Care.
Oct. 31, 2005 12:41 AM
Health Care vs. Wealth Care.
Nov. 23, 2005 3:28 PM
Americans Voting With Their Feet.
Nov. 30, 2005 1:33 PM
Idea Majorities Matter.
May 12, 2006 6:15 PM
Twilight Zone Economics.
Oct. 17, 2006 12:30 AM
The "Shrinking" Middle Class.
Dec. 13, 2006 1:01 PM
From Ashes, GOP Opportunities.
Dec. 18, 2006 6:37 PM
Battle Between Entitlements & Pork.
Dec. 21, 2006 12:31 PM
Let Economic Freedom Reign.
Dec. 22, 2006 10:22 PM
Biggest Health Care Moment In Decades.
July 25, 2007 4:32 PM
Unions Antithetical to Liberty.
May 28, 2008 11:12 PM
Right To Work States Rock.
June 9, 2008 12:25 PM
Social Security Reform Thursday.
March 13, 2008
Caption Contest: Enter Today!
Due: July 29, 2008
The Carnival Of Classiness.
Mar. 14, 2006
Quotational Therapy: Obama.
Apr. 4, 2008
Mainstream Melee: Wolfowitz.
May 19, 2007
Pundit Roundtable: Leaks.
July 9, 2006
A WILLisms.com(ic), by Ken McCracken
July 14, 2006
Powered by Movable Type 3.17
Site Design by Sekimori
WILLisms.com June 2008 Book of the Month (certified classy):
The WILLisms.com Gift Shop:
This Week's Carnival of Revolutions:
Carnival Home Base:
Trivia Tidbit Of The Day: Part 485 - Big Tax Increases On The Way.
If Congress and the next President fail to extend the expiring Bush tax rates, this is what taxes will look like in America:
By historical standards, federal revenues relative to GDP, at 18.8% last year, are high. In the past 25 years, this level was only exceeded during the five years from 1996 to 2000. Still, we stand on the verge of a very large tax increase, one that will occur unless the next Congress and president agree to rescind it. Letting the Bush tax cuts expire will drive the personal income tax burden up by 25% – to its highest point relative to GDP in history. [The Coming Tax Bomb]
Let's be perfectly clear, here. This is not hypothetical, based on proposals and plans and programs announced by Obama or Clinton. No, this is absolutely what will happen without action. This is the auto-pilot scenario. This does not even count any of the additional tax hikes being tossed around right now.
How these enormous tax hikes would help the American economy or maximize liberty is a mystery.
Previous Trivia Tidbit: Lazy Or Lucky.
Posted by Will Franklin · 8 April 2008 01:35 PM
To put this change in perspective, the highest percentage of GDP represented from 1946 onward is 2000's 10.3%, in which incomes inflated by the Dot-Com Stock Market Bubble provided massive amounts of revenue into the government's coffers.
By contrast, in the recession that followed, personal income tax revenues plunged (along with incomes following the bursting of the unsustainable Dot-Com stock market bubble) until reaching a low of 7.4% in 2003.
And in case you're wondering, once these tax increases are fully phased in, the distribution of taxable income will shift so that it will only represent anywhere from 7.2% to 8.8% of GDP in any typical year (basically, the same as always.)
Of course, GDP will be lower too, so it's kind of a foolish thing to do in terms of hoping to generate tax revenue as they'll also be shrinking the pie (while hogging a bigger share of it.)
More fun, and links to source data, here!
Posted by: Ironman at April 8, 2008 03:11 PM