E172: SBF gets 25 years, Trump's meme stock, RFK Jr picks VP, Biden's 2025 budget & more
All-In with Chamath, Jason, Sacks & Friedberg
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Tax Rates and GDP Impact
The gap between federal tax receipts and government spending determines the deficit. In peak economic times like the Reagan or Clinton booms, the government collected around 20% of GDP. Even when tax rates were high in the 70s, the government collected a lower percentage of GDP. High marginal tax rates can lead to decreased economic performance, lower tax collection, and increased efforts by individuals to avoid paying taxes.
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