A debate is underway concerning the federal income tax rate. On January 1st tax rates are scheduled to increase for all taxpayers. Democrats want to keep the current lower rate for those with incomes of $250,000 or less while Republicans want the current lower rate extended for all taxpayers.
"How will you pay for the lost revenue?" asked the interviewer of the Republican politician.
This seemed to me a funny question. How will I pay for having lost the $100,000,000 Powerball lottery?
There really isn't any lost revenue. The tax rate would remain the same. Revenue would increase or decrease a bit based on total economic activity.
A liberal might say that there is a loss of anticipated or hoped for revenue. But can you really lose what you never had to begin with? Apparently liberals think so.
Enough blogging. It is time to lament the losses of my mistress Cindy Crawford and my NBA contract.