Digital Brainwaves - Latest Comments in Good Stuff from the 2003 Tax Cuts

Re: Good Stuff from the 2003 Tax Cuts

K4 — Mon, 06 Nov 2006 23:36:40 -0000

I remember Ben Stein Asking Ferris about Voodoo Exonomics! :P

Re: Good Stuff from the 2003 Tax Cuts

Paul — Sun, 05 Nov 2006 18:06:57 -0000

Again, assuming the research is correct on the numbers posted above (my original post has been edited with research source information), the deficit has gone down $207 billion over the last 2 years. Hardly ballooning out of control.

And tax cuts affect everyone. Yeah, they affect people who are paying more taxes to begin with more. And while richer individuals pay a lot of taxes, another group that pays a lot of taxes are small- and medium-sized businesses. The less taxes they're charged, the more people whom they can afford to hire, who then pay more income taxes than they would have initially. Lowering the tax rates does then end up actually increasing the revenues. We've had 3 years to look at the results. How else would you explain the revenue increase?

-- Pauley

Re: Good Stuff from the 2003 Tax Cuts

Kirz — Sun, 05 Nov 2006 17:46:23 -0000

Oh, and re: How lowering taxes increases tax revenue.
During Bush I presidency, they had a term for that kind of Macro economic thinking, I believe it was:
VOODOO ECONOMICS !

Re: Good Stuff from the 2003 Tax Cuts

Kirz — Sun, 05 Nov 2006 17:41:48 -0000

ummmm, but what about the deficit? Last time I looked it is totally ballooning out of control and out of all reason! In absolute dollar amounts (and even in inflation adjusted dollars) it is totally out of control and will put an incredible burden on the next generation and will be a total budget buster just on the interest charges to service it, alone! to fund this out-of-control Frankenstein of a deficit! What happened to Bill Clinton's federal budget SURPLUS?
Oh, that's right, Bush II and the Republicans blew it! Blew it ALL on tax cuts for the rich!
You know, one of these days (November 7th) they're gonna have to answer for that