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OceanEcosystem

(275 posts)

4. That doesn't make sense. Isn't the United States' GDP something like $15 trillion a year?

Reply to kentuck (Reply #3)

Wed Feb 20, 2013, 11:26 AM

Feb 2013

If the US government currently gets, say, $2 trillion in tax revenue every year, and then $13 trillion out of $15 trillion of GDP activity escapes taxation due to loopholes, then wouldn't that be saying that the US government collects $2 trillion in taxes off of $2 trillion in economic activity? That would be a tax of around 100%.

(If we're discussing how tax loopholes allow things to go untaxed).

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Simpson and Bowes say there are $13 trillion dollars in tax loopholes. [View all] kentuck Feb 2013 OP

$13 trillion over how many years? OceanEcosystem Feb 2013 #1

I understood it as $13 trillion dollars per year. kentuck Feb 2013 #3

That doesn't make sense. Isn't the United States' GDP something like $15 trillion a year? OceanEcosystem Feb 2013 #4

You are correct. It is over a ten-year period. kentuck Feb 2013 #6

Oh, ok, thanks. n/t. OceanEcosystem Feb 2013 #7

But why should there be a trade-off to get rid of loopholes?? kentuck Feb 2013 #8

Buttons and Bows need to retire. Get the hell out of government. Old farts have messed up enough. Lint Head Feb 2013 #2

What you said madokie Feb 2013 #5

Close a few loopholes, minimal tax on stock transactions, and raise the payroll deduction for SS.... kentuck Feb 2013 #9

pretty much Johonny Feb 2013 #10

How about just go back to the old folks home boys and let ... Ganja Ninja Feb 2013 #11