Today's income tax rate structure was set by Congress when Congressional Budget Office forecast a $5.6 t surplus btwn 2001 and 2011.
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@jonathanweisman where was the projection off? Lower revenues or higher spending?
@GregPowell Revenue collapsed after 9/11, spending soared on 2 unexpected wars, surge in homeland security. The world changed, taxes didn't
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@jonathanweisman Tax revs dropped slightly & now exceed 2001 levels. Most of the diff from the CBO proj is due to explosion in spending. -
@GregPowell Look at revenues as percentage of GDP, not absolute numbers. Absolute Nos are meaningless in growing economy, no matter how slow -
@jonathanweisman http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=205 … Shows a % drop in 09,10 & 11. Seems reason is high unemployment, not tax rate structure.
End of conversation
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