Re: 2nd Term - Part 3 - Echo Chambers, Chorales, and Wingnuts, Oh My!
I don't see it as a trap at all. The vast majority (80% or so) of taxes paid are income and payroll taxes. As the average taxpayer has a basic salary, basic bills and a 401k...as a percent of GDP, there's not all this fancy income shifting that can be done in the average middle class family. This point is reinforced by the fact that this is an unmistakable and major multi year trend. I have no interest in debating any of this...but I'd defintely take the bet that this trend will have a major reversal back up to near 10% again.
If Obama brings us back from the brink and brings the deficit down to the levels discussed, not one 'scandal' will be remembered Jan 1, 2017.
You just fell into the Bear Trapp. This defecit fell because of a one-time additional revenue stream that was perpetrated by concerns over Taxmageddon. Go to the economics thread to see the entire explanation; I am not re-posting it here.
I don't see it as a trap at all. The vast majority (80% or so) of taxes paid are income and payroll taxes. As the average taxpayer has a basic salary, basic bills and a 401k...as a percent of GDP, there's not all this fancy income shifting that can be done in the average middle class family. This point is reinforced by the fact that this is an unmistakable and major multi year trend. I have no interest in debating any of this...but I'd defintely take the bet that this trend will have a major reversal back up to near 10% again.
If Obama brings us back from the brink and brings the deficit down to the levels discussed, not one 'scandal' will be remembered Jan 1, 2017.