It looks like the U.S. Government takes in taxes at least about 50% of the national income, and borrows another 50%. If this is true, it means that the entire national income – everything that we earn – the government spends on the project it deems important, such as Iraq.
It’s pretty serious. I’ll tell you what my sources are – please let me know if I am making a mistake in my numbers.
The first quote is from Harry Browne, who referred to the U.S. Census Bureau:
“Today federal, state, and local taxes consume 47% of the national income. “
In fact, it is a very conservative estimate because it is based on the year 1995, after which the government publications stopped publishing this series. I suspect the percent of the government intake did not become smaller after the nineties.
Another reference is from another Brown, Gordon Brown:
“Net debt is now … 47% in America,…”
Where do I go wrong?.
