Martin Feldstein on tax rates

The Tax Hike Canard
By Martin Feldstein
ForeignAffairs.com

“Five years ago, the United States’ budget deficit equaled 1.5 percent of GDP and its national debt stood at 36 percent of GDP. This year, the deficit will exceed $1 trillion, or seven percent of U.S. GDP. Over the same period, the debt ratio has doubled to 73 percent of GDP.”

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