“The irony of these protests is that federal revenues as a share of the gross domestic product will be lower this year than any year since 1950. According to the Congressional Budget Office, the federal government will take only 15.5% of GDP in taxes this year, compared to 17.7% last year, 18.8% in 2007 and 20.9% in 2000. The truth is that the U.S. is a relatively low-tax country no matter how you slice the data.”
I have tried not to pay attention to exactly what Rush, et al, are saying to get people riled up, but if these protests are about current tax rates and not the ways in which the money is spent and debt taken on, this is going to get much worse. As previously noted, tax rates are going much, much higher than they are now.
