Friday, May 29, 2009

Tax Revenues Plunging: Laffer Laughing?

Federal tax revenue plunged $138 billion, or 34%, in April vs. a year ago — the biggest April drop since 1981, a study released Tuesday by the American Institute for Economic Research says...IRS Tax Revenue Falls Along with Taxpayers' Income, John Waggoner, USA Today, 5/28/2009

If Waggoner and the IRS think it's bad now, wait until increasing federal taxes, income, VAT, or cap-and-trade, take a lot more taxpayer income.

Remember Mr. Laffer's curve. As the tax rates go up, up, up, the revenues go down, down, down.

Those youthful constituents of the Socialists in Congress and the White House must really be looking forward to an impoverished future, where, whatever your income is, taxes and inflation will keep you down. But don't feel too sorry for yourself; the government's agents will be down there with you, making sure you spend your chump change the way that's right by them.


1 comment:

Anonymous said...

Wow. How do you manage to find the energy, time, and determination to continually spew such utter stupidity and nonsense with such low reader base and virtually 0 comments?

If I had your hardheadedness and empty schedule, I could discredit every one of your posts sentence by sentence. Good riddance.