Look What's Happening To Tax Receipts...

John Mauldin brings us up to date on how the government’s tax collection is going:

Meanwhile, government spending is going through the roof (red shading below).

What happens when tax receipts collapse and government spending goes through the roof?

That’s right.

Taxes go up.

Check out what happened during the Great Depression (bottom of this chart from Doug Short below).  Tax rates went up for 40 years.

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