Monday, May 17, 2010

A very inconvenient truth

Tax rates don't seem to matter. The tax base doesn't seem to matter. In the modern age, federal receipts don't go higher 20%, writes David Ranson in today's Wall Street Journal. He makes a good case for not taking too seriously the CBO's forecasting for the revenue consequences of tax rate and rule changes.

On the other hand, I expect that some of these changes could the prices of stocks and bonds.

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