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Dysrationalia

Coronavirus relief will not be financed through through traditional taxes, but through inflation of the monetary base. The debate over tax rates obscures the remarkable stability of federal tax receipts. Since 1946, federal revenue averaged 16.82% of gross domestic product (GDP). A return to the marginal rates of yesteryear, which were at times above 90%, is therefore unlikely to yield additional revenue. A graph illustrating top marginal tax rates over time immediately follows: