Yesterday in the Ft. Worth Star Telegram there was a story stating that the "Bush" tax cuts have resulted in massive budget deficits. I wonder how they can be certain of that. Tax revenues have increased by $500 Billion over the last two years. Would that increase have happened if there had been no income tax reduction? Or, was the revenue increase due to economic growth resulting from the tax change? Maybe, since after the first George Bush's tax increase and the Clinton tax increase, tax revenues actually declined. The balanced budget forced on Clinton by a Republican Congress was the result of reduced spending as opposed to increased tax revenue. The Democrats seem more interested in equalizing income than in raising revenue. They always talk about "fairness" in taxes, and oppose tax cuts. This is curious since, under the current tax schedule, the rich pay a higher porportion of the income tax revenue than ever before.
0 Comments:
Post a Comment
<< Home