Problem is we don’t consider the law of diminishing returns in this excellent analysis. As tax rates rise, tax revenues can actually DECLINE as more of the economy moves underground. Some would argue we are already at max tax rates before diminishing returns sets in. #btc

"With $31T in debt, there's a fundamental ceiling on how high rates can go before everything breaks ... At 5.5%, debt service grows to 30% of the planned federal budget ... At 16%, it would become 86% of the planned federal budget." Great thread: