In continuing my discussion on this topic from a few weeks ago, I now turn to a look at government revenue and economic growth. The average income tax rate for an American citizen is approximately 13 percent. In order to cover current government expenses this tax rate would have had to double – without even including the negative effects that higher tax rates would likely have on GDP growth. Is a doubling of income tax rates realistic and/or politically palatable? Absolutely not. Are higher tax rates not only likely but also necessary? Most likely, yes.
Are you paying attention to the fiscal cliff negotiations?
Is Senator Tim Scott a "token"?
Did you change the channel when President Obama made his speech in Newtown, CT on Sunday night?
Should an armed policeman be stationed at all schools?
Congressman Sheila Jackson Lee says entitlements are earned. Do you agree?
Most investors classify themselves as long-term investors, but at the first sign of trouble most investors also are usually ready to push the sell button. This irrational behavior is frequently cited in reviewing mutual fund flows.
Former Massachusetts Treasurer Tim Cahill's trial ended in a hung jury. Was he guilty or innocent?
Should workers be forced to join a union?
