Does Bush's tax cuts suddenly make it profitable to do that? I don't understand how it would but I invite any of you to explain it to me.
The historical record couldn't be clearer. The Kennedy tax-rate reductions that triggered the prosperity of the 1960s and produced a windfall of government revenues indeed ended up helping balance the budget in 1964-65. Federal revenues doubled in the 1980s as a result of the Reagan tax-rate cuts. Today the evidence continues to mount that the Bush tax-rate reductions of 2003 also got the economy moving again and are leading to increased federal revenues.
The most compelling evidence comes from the latest Congressional Budget Office monthly report, which shows the totals for the first eight months of fiscal 2005 and tells us most of the story for the whole year.
The most notable figure in the CBO report is that corporate income tax receipts are up a stunning 47.5 percent this year. Individual income taxes are also up sharply this year, leaping 20.5 percent over last year.
Bush's tax rate reductions, like JFK's supply-side tax cuts, have successfully reduced the deficit, despite Congress's continuing lack of spending discipline. While outlays have jumped by $110 billion so far this year, revenues have far outpaced them, rising by $183 billion and thus closing the budget deficit by $73 billion.
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In short, tax cuts spur economic growth and all ships rise with the tide which puts more revenue in the Govt's treasury.
This message has been edited by Tal, 07-14-2005 02:39 PM
I helped scare an old person-I stopped someone from keeping more of their money-So what if people want to have say in the places they live and the cars that they drive-I gave money to an environmental group that helped keep us dependant on foreign oil-I help the enemies of democracy get stronger by telling them laws don’t matter-What if one day I need an abortion-Sex with an intern, everybody does it-I help teach kids around America that America is always wrong
Do you know what your DNC stands for?