As you read below and check the graph do give this video a listen.
But also check out what happens when the Government taxes money from Peter to pay Paul. 44 cents on every dollar is lost. Unbelievable.
This from NCPA in article titled Hiding the Cost of Government Leads to Bigger Government
"Congress hides from voters a huge part of the cost of government: the hidden costs of taxes, which include lost income and jobs. Failing to account for these costs creates a bias in favor of bigger government and a less efficient tax code, says Christopher J. Conover, a research scholar with the Center for Health Policy and Inequalities Research at Duke University.
Everyone from President Reagan's economic advisor Martin Feldstein to President Obama's economic advisor Jonathan Gruber agree that this hidden cost of taxation is very real and very large.
- When the federal government takes an additional dollar from taxpayers, the actual cost to society is generally $1.44.
- That extra $0.44 represents the deadweight loss of taxation.
- Every time Congress shifts another dollar from Peter to Paul, it leaves society $0.44 poorer...."
Here is a recent report on our Federal Deficit but do listen to the very end as our Dollar is being devalued every year and how that could effect the global economy.