Quote (bogie160 @ Jun 27 2022 09:28am)
The government probably needs to tax about 27.5% of GDP to break even. The vast majority of federal revenue comes from the top 10%, and contributions after the first quintile are minimal. So for most people, only an hour or so a day.
The government needs to learn to live within its means, because regardless of the levels of taxation, they've only been able to collect 17-19% of GDP historically.