On the recordFebruary 10, 2011
But it may be that the people who were not--maybe people in their thirties or forties, you put a different kind of program together and may give them some alternatives: Choose this, this, or this. Those are the kinds of ideas we've got to look at, but we have to be honest with ourselves. I wasn't really aware of how bad these numbers were, even though I've been here for a while, until a few months ago. These entitlements are totally absorbing, even now, all of our revenues here. So really this is a little bit like the guy who's overweight. He's got a choice. You know, you're either going to have to reduce the spending here or you're going to have to somehow get in more revenue. The interesting fact on this is that there is evidence to suggest that, when you drop taxes, you actually get more revenue. As a business guy, you probably understand that to some degree, Scott. So here is an example of this top marginal tax rate. Back here in 1960, it was up at 90 percent for the guys making the most money. As this thing was brought down--Ronald Reagan brought it down a lot--what happened, as you see, is that the total Federal tax receipts actually increased.





