ilia25
I can do math
- Jan 12, 2012
- 1,859
- 100
- 48
You're saying revenues have NOT dropped in France, the UK, and California following tax hikes on the rich? Sorry pal, the truth may not fit your agenda, but that's EXACTLY what happened. Google it yourself. George Bush I learned the same lesson when he increased taxes in 1990. In 1989, federal revenues were 19.3% of GDP. In 1991, after the tax rate hikes, revenues slipped to 19.1%. According to the WSJ, the rich in particular paid LESS taxes after the rates where raised - $6.5 billion less! The WSJ report stated "81% of the revenues expected from the 1990 budget deal failed to materialize". There are plenty of other examples if you care to look with an open mind.
Revenues depend on two things: tax rates and the state of the economy. If the economy is depressed, the revenues are low.
Depression, however is always temporary. So the higher tax rates will bring more revenues eventually.