|View single post by HankC|
|Posted: Fri Oct 10th, 2008 05:36 pm||
|JDC Duncan wrote:
“the other issue is that the fed income tax revenue stream,
in context of corporate, cap gains, gas tax, etc, is very
small, almost not worth the effort to collect.”
individual income and payroll taxes account for over 80% of federal receipts.
“the revenue stream is directed towards interest on the national debt.”
certainly part of it is, but the debt interest is less than 10% of outlays.
“If the income tax was "abolished", it would have little noticible effect on the budget.”
Personal income taxes provide 55% of the federal revenue stream.
I'm all for arguing for low taxes, but not for bad arguments