A Century of Income Taxation: Vastly More Revenue, Even Vaster Debt

Today Washington burns through more cash in two days than the government took in for all of 1912 (in constant dollars). And despite taking in over 115 times as much in taxes (again, in constant dollars), it runs deficits of $1 trillion and has tens of trillions of dollars’ worth of unfunded liabilities. Then politicians have the nerve to tell us that we need to pay more taxes, not slash spending.