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January 31st, 2012 - 2:04 pm

The Beast is set to chew off whatever is left on the husk of the American economy:

“In particular, between 2012 and 2014, revenues in CBO’s baseline shoot up by more than 30 percent,” said CBO, “mostly because of the recent or scheduled expirations of tax provisions, such as those that lower income tax rates and limit the reach of the alternative minimum tax (AMT), and the imposition of new taxes, fees, and penalties that are scheduled to go into effect.”

The CBO may estimate that all these tax increases, new taxes, fees and penalties will result in 30% higher revenues — but I tell you right now that that won’t happen in this economy. We’ve long since reached the point of diminishing returns of how much Washington can wring out of an economy it has hobbled.

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