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kallend 2,219
QuoteQuoteQuoteQuoteQuoteQuoteHmm. So if people are forced to pay exhorbitant taxes, they will go elsewhere where the taxes are lower? Hmmm.
Seems that there may be a lesson to be learned with this. I.e., governments can actually collect more money by lowering taxes. The Netherlands did it.
The US is doing it now. Record reciepts for how many months?
Funny how we're geting ever deeper in debt, isn't it?
Again, way off point
I think not.
....I am not surprised...
Washington Post, October 17, 2006
"Federal revenue is lower today than it would have been without the tax cuts. There's really no dispute among economists about that," said Alan D. Viard, a former Bush White House economist now at the nonpartisan American Enterprise Institute. "It's logically possible" that a tax cut could spur sufficient economic growth to pay for itself, Viard said. "But there's no evidence that these tax cuts would come anywhere close to that."
Economists at the nonpartisan Congressional Budget Office and in the Treasury Department have reached the same conclusion. An analysis of Treasury data prepared last month by the Congressional Research Service estimates that economic growth fueled by the cuts is likely to generate revenue worth about 7 percent of the total cost of the cuts, a broad package of rate reductions and tax credits that has returned an estimated $1.1 trillion to taxpayers since 2001.
Robert Carroll, deputy assistant Treasury secretary for tax analysis, said neither the president nor anyone else in the administration is claiming that tax cuts alone produced the unexpected surge in revenue. "As a matter of principle, we do not think tax cuts pay for themselves," Carroll said.
The revenue "surge" over the last 2 years still hasn't paid for the shortfall in 2001-2004. The growth rate in tax revenues during the 1990s was considerably higher than the growth rate in revenues since Bush took office.
...
The only sure way to survive a canopy collision is not to have one.
The only sure way to survive a canopy collision is not to have one.
rushmc 23
QuoteQuoteQuoteQuoteQuoteQuoteQuoteHmm. So if people are forced to pay exhorbitant taxes, they will go elsewhere where the taxes are lower? Hmmm.
Seems that there may be a lesson to be learned with this. I.e., governments can actually collect more money by lowering taxes. The Netherlands did it.
The US is doing it now. Record reciepts for how many months?
Funny how we're geting ever deeper in debt, isn't it?
Again, way off point
I think not.
....I am not surprised...
Washington Post, October 17, 2006
"Federal revenue is lower today than it would have been without the tax cuts. There's really no dispute among economists about that," said Alan D. Viard, a former Bush White House economist now at the nonpartisan American Enterprise Institute. "It's logically possible" that a tax cut could spur sufficient economic growth to pay for itself, Viard said. "But there's no evidence that these tax cuts would come anywhere close to that."
Economists at the nonpartisan Congressional Budget Office and in the Treasury Department have reached the same conclusion. An analysis of Treasury data prepared last month by the Congressional Research Service estimates that economic growth fueled by the cuts is likely to generate revenue worth about 7 percent of the total cost of the cuts, a broad package of rate reductions and tax credits that has returned an estimated $1.1 trillion to taxpayers since 2001.
Robert Carroll, deputy assistant Treasury secretary for tax analysis, said neither the president nor anyone else in the administration is claiming that tax cuts alone produced the unexpected surge in revenue. "As a matter of principle, we do not think tax cuts pay for themselves," Carroll said.
The revenue "surge" over the last 2 years still hasn't paid for the shortfall in 2001-2004. The growth rate in tax revenues during the 1990s was considerably higher than the growth rate in revenues since Bush took office.
So, all of this means the gov is not recieving record receipts??? Are you reading the posts??
"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
Zipp0 1
Quote
So, all of this means the gov is not recieving record receipts??? Are you reading the posts??
No. It means they would be receiving MORE without the tax cuts for the rich.
It's undeniably true.
Don't worry, this will be corrected with the new Dem president, when we roll back those tax cuts.
--------------------------
Chuck Norris doesn't do push-ups, he pushes the Earth down.
rushmc 23
QuoteQuote
So, all of this means the gov is not recieving record receipts??? Are you reading the posts??
No. It means they would be receiving MORE without the tax cuts for the rich.
It's undeniably true.
Don't worry, this will be corrected with the new Dem president, when we roll back those tax cuts.
At which point revenues will start to decline
"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
kallend 2,219
QuoteQuoteQuote
So, all of this means the gov is not recieving record receipts??? Are you reading the posts??
No. It means they would be receiving MORE without the tax cuts for the rich.
It's undeniably true.
Don't worry, this will be corrected with the new Dem president, when we roll back those tax cuts.
At which point revenues will start to decline
Like they did in 2002 and 2003? Funny how they rose through the 1990s isn't it?
“It is very rare and very few economists believe that you can cut taxes and you will get the same amount of revenues.”
– Former Federal Reserve Chairman
Alan Greenspan
Testimony before House Budget Committee
September 8, 2004
“I don’t think that, as a general rule, that tax cuts pay for themselves.”
–Federal Reserve Chairman Ben Bernanke
Testimony before Joint Economic Committee
April 27, 2006
“As a general matter, most tax cuts do not pay for themselves.”
OMB Director Nominee Rob Portman
Written Response to Questions Submitted Prior to Senate Budget Committee Nomination Hearing
May 10, 2006
“There is no credible evidence that tax revenues ... rise in the face of lower tax rates.” “An economist claiming tax cuts pay for themselves is like a snake oil salesman who is trying to sell a miracle cure.”
– Chairman of President G.H.W. Bush's Council of
Economic Advisers N. Gregory Mankiw
Introductory college economics textbook,
“Principles of Economics,” 1998
...
The only sure way to survive a canopy collision is not to have one.
The only sure way to survive a canopy collision is not to have one.
kallend 2,219
Quote
The revenue "surge" over the last 2 years still hasn't paid for the shortfall in 2001-2004. The growth rate in tax revenues during the 1990s was considerably higher than the growth rate in revenues since Bush took office.
So, all of this means the gov is not recieving record receipts??? Are you reading the posts??
The FLAW in your reasoning is that you ass-ume the revenues we are seeing are due to Bush's tax cuts. They are not. According to the CBO, AT MOST 32% of the revenue loss due to tax rate cuts is recovered in the resulting economic stimulation. In 2005 the CBO estimated that the net revenue loss due to 10% across the board tax cuts would amount to over $1.5Trillion over a 10 year period.
And the reason the rising deficit is relevant is that adding to the debt by reducing tax rates causes extra debt service costs which have be accounted for in an accurate analysis.
...
The only sure way to survive a canopy collision is not to have one.
The only sure way to survive a canopy collision is not to have one.
So, tell us Kallend, how the deficit is relevant to the fact that government revenues are at record levels.
Are you saying that revenues would not be at record levels if the deficit was significantly smaller? Please enlighten us.
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