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For the first time in 35 years, since before the oil boom got going, Scotland is generating less tax per head than the rest of the UK.
A more serious blow is that the economic growth that has occurred is generating less tax revenue than the Treasury expected.
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The report said the impact of the 2008 financial crash continued to be felt, with more than three quarters of British cities generating less income tax now than in their pre-recession peak.
And as Tim Worstall points out, not only would the financial transaction tax be an immediate burden on owners of capital, the long-run effects of lower asset prices and higher costs of capital would actually result in other taxes generating less revenue, such as capital gains and income taxes.
It would hit our tax revenues, generating less money to pay the wages of public sector workers such as nurses and teachers.
Fewer than 350,000 people fall into the top band, generating less than two per cent of the total income tax take (and only that much assuming no one hires a clever accountant).
Many of the taxes that subsidize the M.T.A. are generating less money post-recession.
Pay-as-you-throw rewards you for generating less garbage.
A poorly educated public is hardly as productive as a well-educated one and will generate less in taxes.
A slow economy generates less in taxes; the debt -- which doesn't go away unless there's a default -- is not paid down.
As far as it is possible to tell, the Conservatives are saying that their plans will be financed from the proceeds of growth, but the growth of the past two years has generated much less tax revenue than expected, partly because of Britain's low-wage economy.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com