Specifically, the think-tank asked Lakehead University economist Livio Di Matteo to comprehensively track all 150 years of government spending, tax revenue and debt. For 23 years, income taxes weren’t the largest revenue streamThe next time you see a Mountie in ceremonial dress, know that one half of their Stetson hat was paid for with income taxes. The Second World War was really, really, really expensiveThe First World War was expensive, to be sure, but the Second World War was an utterly dizzying expenditure that stretched the budget to heights we have not seen since. Over the course of the war, tax revenue nearly sextupled from $562 million to $3 billion. Then there’s a bump for the First World War, a small hill for the Great Depression and a massive spike for the Second World War (see “really, really, really expensive,” above).

Source: National Post February 09, 2017 20:15 UTC