Megan isn't impressed by Felix Salmon's tax analysis:

To me, this chart shows how dependent the US federal tax take is on income taxes on higher earners, which tend to plummet precipitously in recessions, and are at historical lows simply because we're in an exceptionally bad recession.  Even the things that presumably worry progressives, like the lower revenues from corporate income taxes, are to some extent simply showing up elsewhere, as taxes on capital gains income.  But you can't complain about this, and also complain that tax revenues are so low right now; broadly, the most stable taxes are also the most regressive--they're the taxes on necessities.  In bad times, non-luxuries tend to get cut back and then so does your tax revenue.

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