Just after I put up that last post on the poll hammering Bush and the economy I find this over at Ace regarding the horrible, unfair, tax cuts for the rich:
Take a look at Table 4-4 on page 92 of the Budget and Economic Outlook released this week. You’ll see that actual liabilities from capital-gains taxes were $71 billion in 2004, and $80 billion in 2005, for a two-year total of $151 billion. So let’s do the math one more time: Subtract the originally estimated two-year liability of $125 billion from the actual liability of $151 billion, and you get a $26 billion upside surprise for the government. Yes, instead of costing the government $27 billion in revenues, the tax cuts actually earned the government $26 billion extra.
CBO’s [Congressional Budget Office] estimate of the “cost” of the tax cut was virtually 180 degrees wrong. |
Very interesting... cutting taxes actually made us money. Yet people think the economy is going down the toilet, and liberal wankers love their slogans like "Tax cuts for the rich." I wonder how many of them can actually balance their own checkbook... Here's a simple explanation of why tax cuts make money for the liberals out there trying to keep their heads from exploding at the thought of lower taxes making the US money.
[...] a capital gains tax cut spurs the growth of new businesses, increases the wage of workers, enhances consumer purchasing power, and grows the economy at large, resulting in more overall gains to be taxed. When capital is taxed at a lower rate, any revenue losses are offset because there is more overall capital being produced, and thus more total revenue being generated. |
Makes you just want to smack some sense into the placard carrying, protesting weenies, doesn't it? I bet that Budget and Economic Outlook report would hurt if you hit them with it... |
