In a word, yes but hot for the next few years. So long as the Republicans hold the Senate or Presidency, we are not at risk of higher tax rates. If and when such a situation would occur, there will certainly be economic dislocations and liquidity problems that will show up in unknown ways. One of the issues we find interesting is that no matter what the top marginal tax rate is, the Federal Government seems to collect the same amount of money as a percent of GDP.
