The case for balanced budgets

The other day I read a thread on Twitter in which two well-known economic historians were quoted as saying that during the Mughal period India was taxed at around 56 per cent. But doubts have been cast on the reliability of the data. The thread also pointed out that during the British period this rate of extraction came down to around 40 per cent. This also seems on the low side. I suspect that over the last 500 years, successive governments have been appropriating around half of the national income. This sits well with the current figure which is somewhere between 50 and 55 p.....

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