Saturday, July 08, 2006
NY Times: Bush's Lowering of Taxes Brings in More Revenue
It is common economic theory that the more you cut taxes the more revenue comes into the national treasury. It is, however, common theory to all but the left, which believes that if you tax the shit out of everybody that somehow this means more money.
Proving the left wrong once again, President Bush's tax cuts are bringing in more revenue to the government - so much that the deficit continues to go down.
And the Times had to report this. The reporter must have had a coronary while doing so.
Surprising Jump in Tax Revenues Curbs U.S. Deficit
Of course, the imbecile writing this "cautions" his readers that tax receipts could go down. Unfortunately for the reader, the doofus doesn't say that that is because tax receipts go up and down.
It is how capitalism works. But don't tell that to the Left.
It is common economic theory that the more you cut taxes the more revenue comes into the national treasury. It is, however, common theory to all but the left, which believes that if you tax the shit out of everybody that somehow this means more money.
Proving the left wrong once again, President Bush's tax cuts are bringing in more revenue to the government - so much that the deficit continues to go down.
And the Times had to report this. The reporter must have had a coronary while doing so.
Surprising Jump in Tax Revenues Curbs U.S. Deficit
An unexpectedly steep rise in tax revenues from corporations and the wealthy is driving down the projected budget deficit this year, even though spending has climbed sharply because of the war in Iraq and the cost of hurricane relief.
On Tuesday, White House officials are expected to announce that the tax receipts will be about $250 billion above last year's levels and that the deficit will be about $100 billion less than what they projected six months ago. The rising tide in tax payments has been building for months, but the increased scale is surprising even seasoned budget analysts and making it easier for both the administration and Congress to finesse the big run-up in spending over the past year.
Tax revenues are climbing twice as fast as the administration predicted in February, so fast that the budget deficit could actually decline this year.
The main reason is a big spike in corporate tax receipts, which have nearly tripled since 2003, as well as what appears to be a big rise in individual taxes on stock market profits and executive bonuses.
Of course, the imbecile writing this "cautions" his readers that tax receipts could go down. Unfortunately for the reader, the doofus doesn't say that that is because tax receipts go up and down.
It is how capitalism works. But don't tell that to the Left.
