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technogizmo.bsky.social
@technogizmo.bsky.social
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technogizmo.bsky.social
Remember that old movie "Wag the Dog"? IMO Everything going on is all about that because the biggest trouble in our economy is not the cost of federal workers. It's not immigration. It's not even Rep vs Dem, really. It's an unbalanced tax code. Hear me out - I have numbers...
This image shows a graph of Federal receipts by source as a share of total receipts from 1950 to 2023. Individual Income Tax went from 40% in 1950 to 49% in 2023. Employment taxes went from 11% in 1950 to 35% in 2023. Corporate taxes went from 26% in 1950 to 10% in 2023. Excise Taxes went from 19% in 1950 to 2% in 2023. Estate and Gift Taxes went from 2% in 1950 to 1% in 2023. Numbers are estimates based on what appears in the graph. Graph cites sources as Office of Management and Budget, Historical Tables, Fiscal year 2025, and Joint Committee on Taxation staff calculations.
February 25, 2025 at 3:19 AM