Data on federal tax receipts paints a grim picture of the state of the US economy. Weak tax receipts are sending a signal of economic distress. Congress needs to act with urgency and pass federal support legislation to help broad parts of the economy.
Submitted by Joseph Carson, former chief economist at Alliance Bernstein
Fewer taxes returned with lower amounts. We are scrambling for economies of scale. Federal taxes are set for constant returns to sale, if not inflated returns to scale. Reality and accountants parting company.
Now the government value chain is in a tax quandry, and the Fed VAT taxes are crowding out.
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