We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
In sum, 13,912 Vermonters were responsible for almost half of the revenue generated through the income tax, and the income tax revenue constitutes about half of all the general fund revenue the state collects.
To visualize this inverse relationship, consider a pyramid standing on its head, with the broad side at the top representing what’s being spent, and the bottom point being the few upon which all this spending depends.
The Democrats are always talking about "taxing the rich" What they're really proposing is taxing your employers which, of course, does nothing for your wages and benefits. This has become the dirty little secret of the federal government. People would revolt at a 40% tax rate. Yet, when it's disguised in the cost of the goods and services, few stop to think where this money is coming from.
The shrinking tax base of Vermont reminds me of a debate point in high school. The topic was school funding but part of the debate was tax base and tax burden. I made (and sometimes lost) the point that a shrinking tax base will eventually collapse the budget.
That was in 1972. We are seeing the vindication of my debating point. It's too late to go back and change all those judges' scores, though.
Shrinking tax receipts: it's a recession. GDP is shrinking; the base for tax receipts is shrinking. Duh.
If you're planning to fleece the wealthy, you have to keep them wealthy or there's no one to fleece. We knew that, now we're demonstrating it for the nth time.
That receipts are a smaller percentage of GDP surprises me, but as people have slud down the the income scale, some people are in lower tax brackets. I assume that's the reason for the change in %GDP.
Lower tax rates and less government tomfoolery are the keys to prosperity. There will be fluctuations no matter how the economy operates, but we've proven repeatedly the "running" the economy just ruins it.
Geoff ... Love that sentence: "If you're planning to fleece the wealthy, you have to keep them wealthy or there's no one to fleece."
Why can't Harry and Nancy understand this? I think it's that Democrat thing where they stick their fingers in their ears and intone "La-la-la, I'm not listening."
Well, at least Brooke Astor's son is going to the slammer for sacking her estate. Some justice, at least. The poor lady died on the urine-soaked couch in her living room. Having millions is no protection from studied neglect.