Episode 193: Our Ever-Expanding National Debt
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The 15 to One Debt to Tax Revenue Ratio
The Pennsylvania state government has to date collected enough money from that tax to rebuild Johnstown five times over. And yet the tax is still there. Never enters a politician's mind that a tax we have can become a tax we don't have, he says. The federal government's debt was 15 times its annual tax revenue in Hamilton's time.
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