One wonders if we are seeing the growth of a grey market in U.S. economic activity, given the drop off in federal tax receipts in proportion to GDP. This could also be a measure of the weakness in personal earned incomes, which make up most of U.S. tax receipts. And, throw in the Bush tax cuts for good measure.
1 comment:
I was wondering why it is that those who perennially call for tax cuts and government spending cuts never celebrate such trends as you show here.
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