Republican Budget Would Slash Taxes, Establish Two-Bracket Tax System And Scrap AMT | ZeroHedge: "So while the political theatrics continue, the US still has to decide what expenditures it will cut as part of last summer's debt ceiling deal. That this will not happen is also a given.It is pretty comical that most folks are so brainwashed by the praetorian guard that they don't even realize that taxes are rapidly becoming irrelevant. Other than being a huge drag on the economy and about to get worse ... and probably without even getting back to a role of contributing more than 50% of Leviathan's spending!
Which makes us wonder: why even pretend with taxation? As we have shown, the US is progressively more reliant on debt issuance as a funding source for all deficit. At last check debt issuance served to fund 54% of all government expenditures, as tax revenues net of refunds now account for less than half. In fact as of today, in Fiscal 2012 the US has issued $115 billion more in debt ($776 billion) than it has collected in net tax revenues ($661 billion)."
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