I was not commenting on the merits or otherwise of the US (or other) taxation systems, merely pointing out that after a few years of pumping liquidity into the economy via easy credit (particularly leveraging the family home & exploding credit card credit) the figures are showing that credit expansion has topped out. Is it mere coincident that the US gov now proposes this tax reform that (regardless of the fact that they are running a record deficit) will pump more liquid into the economy and reduce gov receipts . . . . in the hope of maintaining consumption.
