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The graph below illustrates how both tax rates and tax revenues are at historical lows in the post-WWII period. If history is any guide, taxes in the United States are likely to rise. Unless the electorate has changed drastically and will decide to liquidate the major functions of the Federal Government, tax revenues as a percentage of GDP will need to rise in years ahead, just to get back to historical norms. This is before considering the additional revenue that will be needed to support the growing costs of Medicare and Social Security.
Sources: IRS, OMB
What is to come?
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Last update: Friday, 06th September, 2013
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