Why the Wealthiest Are in the Taxman’s CrosshairsA. Gary Shilling
Oct. 23 (Bloomberg) -- After the recent recession, the personal-taxes-to-personal-income ratio dropped well below the 12.3 percent long-run average, a casualty of the tax cuts, depressed household incomes and the weak recovery. In combination with depressed corporate tax collections and increased federal spending -- especially in 2009, when outlays equaled 6 percent of gross domestic product -- these forces pushed the federal deficit to more than $1 trillion a year.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- We Didn't Normalize Trump. We Normalized the Left's Violence.
- Trump's Terrible Numbers Are a Little Less Terrible
- The Next Crisis Will Start in Silicon Valley
- Ignore the Bombast. Trump Gave a Conventional Speech
- Trump Takes a (Calculated) Risk on Immigration
- The Numbers Show Silicon Valley Is Already Fading
- Trump Needs a Win? Infrastructure Should Be a 'Gimme'