Sunday, July 17, 2005
Tax cuts = more money for Government
This is very interesting.
Of course, the left will always find something to moan about. And they did here. A few select quotes:
"Let's see if we can get this straight: When tax revenues fall and budget deficits go up, it's bad news. But when tax revenues rise and deficits decline, it's still bad news.
At least that seems to be the way a sizable chunk of Washington is reacting to this week's report from the White House budget office that the federal deficit is down by nearly $100 billion this fiscal year, that the deficit as a share of GDP is down to 2.7% (very near its historical average), and that this is all happening because tax receipts are surging by more than 14%. Uncle Sam is having a better year so far than even Paris Hilton, but half of the Beltway is depressed".
Does the below sound familiar? The same noises are being made here. Lucky Winston doesn't want to embark on a spend up aye!
"There is a looming budget problem, but it has nothing to do with the Bush tax cuts or insufficient tax revenue. It is a government spending crisis, especially the liabilities that politicians have promised to retirees in Social Security and Medicare. The Congressional Budget Office predicts that spending as a share of our national output based solely on current promises will surge from about 20% today, to 25% in 2025 and to 34% by 2040".
Finally:
"So thank heaven for the tax cuts that have helped to spur the economy that is now throwing off higher tax revenues...those revenues are now rising back to their modern average as a share of GDP, just as supporters of the tax cuts predicted. And if the tax cuts are made permanent, and as the economy grows and incomes continue to rise, Americans will be paying even more in taxes as they move into higher tax brackets. The real windfall here isn't for the rich but for Washington..."
Hat tip: Sir Humphrey's
Of course, the left will always find something to moan about. And they did here. A few select quotes:
"Let's see if we can get this straight: When tax revenues fall and budget deficits go up, it's bad news. But when tax revenues rise and deficits decline, it's still bad news.
At least that seems to be the way a sizable chunk of Washington is reacting to this week's report from the White House budget office that the federal deficit is down by nearly $100 billion this fiscal year, that the deficit as a share of GDP is down to 2.7% (very near its historical average), and that this is all happening because tax receipts are surging by more than 14%. Uncle Sam is having a better year so far than even Paris Hilton, but half of the Beltway is depressed".
Does the below sound familiar? The same noises are being made here. Lucky Winston doesn't want to embark on a spend up aye!
"There is a looming budget problem, but it has nothing to do with the Bush tax cuts or insufficient tax revenue. It is a government spending crisis, especially the liabilities that politicians have promised to retirees in Social Security and Medicare. The Congressional Budget Office predicts that spending as a share of our national output based solely on current promises will surge from about 20% today, to 25% in 2025 and to 34% by 2040".
Finally:
"So thank heaven for the tax cuts that have helped to spur the economy that is now throwing off higher tax revenues...those revenues are now rising back to their modern average as a share of GDP, just as supporters of the tax cuts predicted. And if the tax cuts are made permanent, and as the economy grows and incomes continue to rise, Americans will be paying even more in taxes as they move into higher tax brackets. The real windfall here isn't for the rich but for Washington..."
Hat tip: Sir Humphrey's
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This is so true, the Left never get it, but the less the tax rate...the more income for spending for the government, it may seem crazy, but it makes sense...It may take a while to come into fruition but it does make it work.
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