Chart of the day

David Ranson:

The feds assume a relationship between the economy and tax revenue that is divorced from reality. Six decades of history have established one far-reaching fact that needs to be built into fiscal calculations: Increases in federal tax rates, particularly if targeted at the higher brackets, produce no additional revenue. For politicians this is truly an inconvenient truth.

Unfortunately for politicians, citizens are only willing to surrender a limited percentage of their earnings to the state. That doesn't comport well with Obamanomics.