Another Liberal myth exposed: Bush tax cuts increased revenue to the treasurey

Discussion in 'Politics' started by JRK, Jun 25, 2011.

  1. JRK
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    JRK Senior Member

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    DWYER: Bush tax cuts boosted federal revenue - Washington Times

    By 2003, Mr. Bush grasped this lesson. In that year, he cut the dividend and capital gains rates to 15 percent each, and the economy responded. In two years, stocks rose 20 percent. In three years, $15 trillion of new wealth was created. The U.S. economy added 8 million new jobs from mid-2003 to early 2007, and the median household increased its wealth by $20,000 in real terms.

    But the real jolt for tax-cutting opponents was that the 03 Bush tax cuts also generated a massive increase in federal tax receipts. From 2004 to 2007, federal tax revenues increased by $785 billion, the largest four-year increase in American history. According to the Treasury Department, individual and corporate income tax receipts were up 40 percent in the three years following the Bush tax cuts. And (bonus) the rich paid an even higher percentage of the total tax burden than they had at any time in at least the previous 40 years. This was news to theNew York Times, whose astonished editorial board could only describe the gains as a “surprise windfall.”

    Unfortunately, Mr. Bush allowed Congress to spend away those additional tax revenues. The fact is that the increase in tax revenues that flowed from the ‘03 tax cuts could have paid for the wars in Afghanistan and Iraq and then some but for rampant discretionary domestic spending.
     
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  2. Truthmatters
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    Ryan Dwyer is a Washington lawyer and a fellow with the National Review Institute.
     
  3. PoliticalChic
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    PoliticalChic Diamond Member

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    1. $15 trillion of new wealth was created. The U.S. economy added 8 million new jobs from mid-2003 to early 2007,

    2. median household increased its wealth by $20,000 in real terms.

    3. Bush tax cuts also generated a massive increase in federal tax receipts

    4. tax revenues increased by $785 billion, the largest four-year increase in American history.

    5. income tax receipts were up 40 percent in the three years following the Bush tax cuts.

    6. the rich paid an even higher percentage of the total tax

    So....you don't like the messenger, but have found no error in the message?


    Sounds kind of intellectually lazy at best.
    Is that the methodology taught to Liberals?
     
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  4. Grampa Murked U
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    Grampa Murked U Diamond Member

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    Why is this never discussed?
     
  5. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    And tomatoes are red and pizza has a crust.
     
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  6. Soggy in NOLA
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    Yet they still immerse themselves in the mythical Clinton surplus.
     
  7. Truthmatters
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    Where is citation of the authors numbers?
     
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  9. Grampa Murked U
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    I would assume that his story is accurate. Why would he make up his own numbers and risk his own career? He's not a lib after all.
     
  10. NYcarbineer
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    This all false, fallacious, and misleading.

    Revenues peaked in 2000, at just over 2 trillion dollars.

    Bush revenues never reached 2 trillion dollars until 2005.

    Bush deficits, however, totaled 1.2 trillion from 2002 thru 2005.

    The loss of revenues from Bush's tax cuts prevented the natural increases in tax revenues - that occur when the economy is growing - from from keeping up with the government spending that was also increasing.

    http://www.whitehouse.gov/omb/budget/Historicals/
     
    Last edited: Jun 25, 2011

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