The revelation will be that interest on the debt currently 25% of national tax revenue will double under higher interest rates.
As Toomey points out in his op-ed, since only approximately 6.5% of all projected federal government expenditures will go to pay interest on the national debt, and since tax revenue is projected to cover about 67% of all government expenditures, the federal government has available ten times in revenue what it requires to fully service the debt.
Conservatives criticize the Cain plan because it adds a new revenue stream (a national sales tax) for the federal government and because rates might rise on that new stream well above 9%.
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But our current discussions largely revolve around the size and persistence of the national budget deficit, the excess of government spending above tax revenue.
Dagong said that the decision to increase the borrowing limit will not change the fact that the US national debt growth has outpaced that of its overall economy and tax revenue, which will lead to a decline in its debt-paying ability and the probability that the debt crisis will deepen.
The size of the gap between spending and tax revenues - with the government taking in just three pounds for every four pounds it spends - makes it likely that all the big revenue raisers - (income tax, national insurance, and VAT) may have to be tapped in the future.
Messrs Feldstein and Samwick assume that the creation of individual retirement accounts will result in higher national saving, which in turn will raise capital formation and thus corporate-tax revenue.
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He also wants to abolish the Internal Revenue Service and replace the federal income tax with a 23% national sales tax.
Resorting to irony, Jean-Marie le Pen of the far-right Front National declared on national radio: "My Swiss bank account was always known to the French tax revenue and I wear pants made in France".
But some state governors worry about losing revenue from the changes, which involve introducing a uniform national value-added tax.
The recovered papers related to demands for overdue tax by the Inland Revenue amounting to millions of pounds as well as records of inquiries by national newspaper journalists asking for information about shareholdings related to Polly Peck International.
Currently, the only revenue sharing in the NBA calls for all 30 teams to split national television revenue, as is the case in the other three major professional sports leagues, and sharing of luxury tax proceeds, a shallow pool.
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