“No nation in history has ever survived a tax burden that reached a third of its national income,” he warned.
This is true despite the fact that corporate profits are at a record proportion of national income.
Labor share of national income is at a post-World War II low.
Eccles stressed to FDR, “the crucial consideration is not the size of the deficit but the level of national income.”
One way or another, we were never going to spend 100% of national income on health care.
As the law now stands it is undoubtedly difficult to devise a national income tax which shall be constitutional.
The national income in 1946 was higher than in any peacetime year.
The factors in attaining and maintaining that amount of national income are many and complicated.
The interest charges on it amount to but a small proportion of our national income.
national income consistently less than expenditures, requiring supplement from foreign sources.