5:45 pm, April 21, 2015

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  • Diminishing Returns
    ben
    As I have pointed out before, there is a point of dimishing returns as tax rates are raised. The Chicago and Austria schools of economics argue between 25 to 30 percent. OMB's website at http://www.whitehouse.gov/omb/budget/Historicals shows revenue since 1789 corrected to constant 2005 dollars. Tax revenues during the Bush era increased $4.8 trillion over the previous 8 years under Clinton. Similarly, during the Reagan era, revenue increased $2.9 trillion over the previous 8 years. From 1964 to 1971, when the tax rates varied from 70 to 77 percent, tax revenues increased $522.2 billion from the previous 8 years when the tax rate was 91 percent. I understand the same happened under Coolidge, but haven't worked out the math, yet. Don't count on a tax increase to raise more revnue.
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  • Diminishing returns for the middle class
    Moderate
    Actually, revenues increased because you were comparing them to recession years. This is just the economic cycle. And who do you think got the money to pay these taxes? It sure was not the middle class.
    worker
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  • Another perspective
    Budgetweenie
    For me, it's what I was taught. things may have changed but some fundamental truths cannot. Higher taxes guarantees nothing in reducing debt, receiving better services, improving our lives. Lower taxes does guarantee fewer services, and a diminished quality of life. (schools, highways, law enforcement, et al). The balance of trade, currency manipulation, outsourcing, unbalanced tax code, regional and global instability all play a part in how we evaluate the quality of our lives. I think some people feel investing in the traditional method of changing the world (military involvement, for example) is a better investment than providing enhanced education to those that, for whatever reason, have been denied it. a dollar spent can be either well spent or wasted. The measure of success is getting an honest assessment and making adjustments as necessary. The truths, that have not changed, are, that not all people are honest and that truth is relative.
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