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You mean 1997 (capital gain taxes, of course) And no, in 1194 there was no bubble to tax. Deficits would shrink in the entire nineties from 1994 on.

But you are shifting the goalposts. Of course there is a limit to a government surplus. But that isn't an argument against higher taxes long-term to balance the budget. Furthermore prior to the start of the last crisis some countries - sweden, canada - had a surplus years in a row.

by IM on Sun Aug 14th, 2011 at 02:10:17 PM EST
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