On Sunday the New York Times reported that tax revenues were $200 billion higher than projected and that the budget deficit would be approximately $100 billion less. OH really? I thought the evil tax cuts meant death to us all; government would cease to exist as we know it.
In Tuesday, the President announced the numbers: The deficit will be $296 billion, $127 less than projected. The tax cuts of 2001 and 2003 are working, just as they did in the 80's and just as John F. Kennedy predicted in 1962 (on a side note, his own brother, the drunken sailor, driver, boozing womanizer, Teddy is running from his own brothers legacy, but that's for another day).
Revenues are up, the deficit is down, the TAX CUTS ARE WORKING! Why can't the left be positive about this? The answer is very simple: It takes away from their tax and spend, big government, we're better than you, so we need to control your money attitude. The interesting part of this is the revenue is coming from corporations and the wealthy...... and, according to Rep. John Spratt D-SC on CSPAN Monday night individual tax revenue is down or hasn't caught up to the 90's (remember the 90's, the decade that lead to Eron, Tyco, etc.....). Oh boo hoo! I prefer to spend my money instead of having it taken from me and redistributed so I'll never see it again.
The fact, TRUTH IS, when rates are cut, money is returned to the taxpayer, who will spend that money on cars, homes, vacations. Basically investing in various industries, who will need to hire workers to keep up with supply and demand, which creates supplies that leads to demands for other industries. All these new workers pay taxes; all these companies pay taxes on their profits, etc...... In the end the country receives more revenue.
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