Episode 233: Disincentivizing Taxes
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Why the Federal Government Isn't Collecting Income Taxes
The federal government burns 31 million every four minutes. The proposed 10% luxury tax and joint committee on taxation says it's going to bring in 31 million dollars. It actually reduced the revenue from other taxes by eight million dollars. A third of US yacht makers had closed prior to this tax, the US was a net exporter of yachts after the tax,. After the tax, we were a net importer. And don't forget what this really means where the rubber hits the road: A bunch of people lost their jobs.
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