Excerpt from the Cover Letter to the Grace Commission Report: Resistance to additional income taxes would be even more widespread if people were aware that: One-third of all their taxes is consumed by waste and inefficiency in the Federal Government as we identified in our survey. Another one-third of all their taxes escapes collection from others as the underground economy blossoms in direct proportion to tax increases and places even more pressure on law abiding taxpayers, promoting still more underground economy -- a vicious cycle that must be broken. With two-thirds of everyones personal income taxes wasted or not collected, 100 percent of what is collected is absorbed solely by interest on the Federal debt and by Federal Government contributions to transfer payments. In other words, all individual income tax revenues are gone before one nickel is spent on the services which taxpayers expect from their Government.
Posted on: Sat, 01 Feb 2014 16:21:50 +0000