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The Late Edition: December 12, 2012

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Today NTU sent a letter to Capitol Hill signed by 180 economists telling Congress not to raise taxes on any Americans in the coming year. Read the full letter here.

How much does your state rely on the federal government for subsistence? Check out this article from the Tax Foundation detailing federal aid to state budgets.

Those seeking to raise taxes often cite the billowing debt to support their calls for new revenue. However, according to new numbers from the minority side of the Senate Budget Committee, 75% of the tax revenue in the President’s Fiscal Cliff proposal would go to new spending, not to pay down the debt. See the chart below from the Weekly Standard using CBO and OMB data: