Allowing the private sector to create the jobs with continuing the current BUSH tax cuts does not register with the current administration....we need to change that in November.
The Bush Tax cuts of 2003 increased tax revenue by $2.6 trillion dollars over the next 5 years.
THE NUMBERS ON THE RIGHT INDICATE TAX RECEIPTS IN BILLIONS BY Year.
Since the one of the big debates going on right now is about the Tax Cuts of 2003 intented to stimuale the economy. According to the white house, if we continue them, it will cost us at least $1.8 trillion dollars. Of course these are the same people who promised us that the stimulas would prevent us from having 8 percent unemployment. They were right, it created 10 percent unemployment. I challenge their accounting systems, because as you can see from the database of the tax policy center, not only did it not cost us any money when the tax cuts were implemented, revenue increased by
- 2 percent in 2004,
- 17 percent in 2005,
- 31 percent in 2006,
- 46 percent in 2007,
only to fall off in 2008 to only up 42 percent compared to 2003.
The Bush Tax Cuts increased tax revenue by $2.6 trillion dollars from 2003 until 2008. And for those of you who really though Bill Clinton was the master of the budget, notice that the revenue from the Bush years far surpass the Clinton years. Unfortunately, all of our spending bills for the last 20 years have had more pork than substance, and the wishes for the president to have a line item veto were struck down at the end of the Clinton administation.
I believe that numbers tell the story, and these numbers show that lower tax rates improve productivity and tax revenue. It happened while Kennedy was in office, It happened while Reagan was in office, and it happened while Bush was in office. If we keep increasing taxes, we will be back to the days of FDR, do we really want a 10 year recession?
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
Central Virginia
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You are on a roll
Something needs to be done Wallace, I agree.............November can't get here soon enough.
Thanks Wallace for the re-post. The numbers don't lie. Hope you have a great rest of the summer.
We need to do something before things get worse. NOV!!!!!!!!!!!!!!!!
These types of numbers have happened in our economic history EVERY time there has been a tax cut. No surprise. The accelerator principle (the multiplier effect) works both ways, to create more and to create less. Tax increases create less.