"The feds assume a relationship between the economy and tax revenue that is divorced from reality. Six decades of history have established one far-reaching fact that needs to be built into fiscal calculations: Increases in federal tax rates, particularly if targeted at the higher brackets, produce no additional revenue... a ratio of federal revenue to GDP of no more than 18.3% would be realistic."
David Ranson, Wall Street Journal.

Source:  David Ranson, Wall Street Journal.  HT: sedonaman.