10:58 am, May 30, 2015

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  • Reply to Moderate
    My source is OMB,www.whitehouse.gov/omb/budget/Historicals, revenue and expenditures from 1789 to present in constant dollars. Secretary of the Treasury Andreww Mellon, in the 1920s, remarked that when tax rates rose too high, investors put their money in non-taxable bonds -- state and munies, instead of stocks. This resulted in a decrease in tax revenues and a decrease in stock market. That taxes have a point of diminishing returns was well known to Roman economists who persuaded the barbarians to decrease their request for tribute. Arab economists remarked on it about 700 AD.
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  • Reply to ben
    Andrew Mellon was a prety wealthy guy and would say something like that. Actually, the statement is true, but the question is what is too high?
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