Quote:
Originally Posted by njbchbum
vk - how about if the president gets around to getting more americans full-time work on which they can pay their fair share of taxes as well as go out and spend $ on goods that will generate sales tax, too? how much could that generate?
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The Congressional Budget Office published a report last year saying that, at current tax rates our economy would have to grow at the rate of 10% per year for fifty straight years to generate enough tax revenue to balance the budget.
Our current rate of economic growth (GDP growth) is around 2% and the country has never in history had a full year of 10% growth in GDP.
Does that help answer your question?