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There are four possibilities:High rates and high deductionsHige rates and low deductionsLow rates and high deductionsLow rates and low deductionsAnd it still does not matter because no matte what has been tried the revenue as a percent of GDP has remained roughly the same.Not a single income tax plan that has been tried since our record of this has resulted in any higher revenues.We don't need to wonder what factors are correlated with revenue because we already know - the GDP is the one thing that is correlated with revenue. Higher GDP = higher revenue and lower GDP = lower revenue.Do I believe that a higher tax that does not include a higher rate could result in more revenue? Yes, taxes such as fees where the gov collects for each of the services it provides could result in higher revenue. No guarantees though. It might also result in a smaller or more limited government. No matter which, it WOULD result in a gov where there was an equalibrium between taxes, services and revenues. And why might such a plan create higher revenue? Because such a plan would not damage the GDP as much as other tax schemes.
There are four possibilities:
High rates and high deductions
Hige rates and low deductions
Low rates and high deductions
Low rates and low deductions
And it still does not matter because no matte what has been tried the revenue as a percent of GDP has remained roughly the same.
Not a single income tax plan that has been tried since our record of this has resulted in any higher revenues.
We don't need to wonder what factors are correlated with revenue because we already know - the GDP is the one thing that is correlated with revenue. Higher GDP = higher revenue and lower GDP = lower revenue.
Do I believe that a higher tax that does not include a higher rate could result in more revenue? Yes, taxes such as fees where the gov collects for each of the services it provides could result in higher revenue. No guarantees though. It might also result in a smaller or more limited government. No matter which, it WOULD result in a gov where there was an equalibrium between taxes, services and revenues. And why might such a plan create higher revenue? Because such a plan would not damage the GDP as much as other tax schemes.
