Episode 193: Our Ever-Expanding National Debt
Words & Numbers
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The Consequences of Increasing Income Taxes
Congressional budget office's forecasts for revenue are high about 85% of the time. The law requires that they assume that whatever changes occur in tax policy, spending policy, have no effect on people's behavior. Politicians know that CBO assumes that people's behavior is not going to change when we change tax policy will happily quote CBO numbers.
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