For John, BLUF: If promises are made by politicians they are either paid for or become part of the deficit. Nothing to see here; just move along.
Over at the TaxProfBlog we have a look at the Congressional Budget Office look at the economy from now to 2025. It isn't pretty, with a projected Federal Budget Deficit of one trillion dollars for the year 2025. Lots of links, some interesting charts and a question:
Stupid qs. I would have assumed corporate income taxes would be way higher % of GDP. Is that the offshoring and inversions we've been hearing about from the left?In my uneducated mind the answer is yes. It is time for Congress to drop the tax rate for corporations so that the overall tax intake from those sources goes up, thus helping to reduce the Federal Budget Deficit. What we are doing right now isn't working.
Hat tip to the Instapundit.
Regards — Cliff
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