This is CBSI on the world.

I'm John Batchel.

Taxes.

The big, beautiful bill just vouchsafed by Congress and signed by the President of the United States.

Hazard its centerpiece taxes.

Continuing the tax reductions from 2017 and not raising taxes precipitately, which is what would have happened if

this bill had not been passed because this 2017 taxes in some instances were going to expire.

Taxes. All right. Taxes are said to be an answer to deficits, to policy, to need, to share, to fairness, all of that.

Rachel Reeves in Britain right now is struggling to find revenue for all the promises that

the labor government is making.

And one of the ways to raise revenue, it's suggested, is to raise taxes.

All right, come home to America.

I welcome Veronique to Reggie of the Mercatus Center at George Mason University, writing a column

for Creator's Syndicate.

Veronique's here to show us a trick about taxes over a long period of time.

Veronique, I don't know whether it's a trick or whether it's just deceptive practices by

you economists or whether there's some special explanation.

But as I understand it, over a long period of time, many administrations stretching back

to reality of the 19th century,

it doesn't matter whether taxes are raised or lowered the percentage of revenue coming into the

federal government on the basis of earnings in America between 17 and 18 percent, no matter

whether the taxes are high or low. Did I say that correctly? And what explains that?

...