In the AFR today is a recycle of an oped by Robert Rubin in the Washington Post. It is titled:
Robert Rubin collected one hundred million dollar in bonuses from Citibank, but when the latter was rescued by the taxpayer, he didn’t write any check.
But this post is not about Rubin but what he wrote:
Tax revenue (in the US) as a percentage of gross domestic product is expected to be 16.5 per cent next year.
Now this 16.5% is after a large tax cut and is leading the US to a YUGE debt and deficit problem. On the other hand, Australia has a “target” for tax revenue as a percentage of gross domestic product to be 23.9% – slightly larger than 16.5 and we too have a YUGE debt and deficit problem.
Is everyone out there relaxed an comfortable also?