Again. As always. As JFK, RWR, and GWB knew they would. And the pathetic RINOS that want to raise taxes need to be slapped down.
One glance at the chart, and WOW!
It's not entirely sustainable, though. The repatriation of offshore profits is a one-time pop that bumped the corporate tax receipts and the lower cap gains rate incentivized taking the gains now rather than later.
"And it turns out that these numbers paint a fairly encouraging picture. Perhaps that’s why they didn’t get much coverage.
The deficit dropped by 23 percent in the latest fiscal year, down to $318.6 billion. This occurred because the economy is booming. Personal income tax receipts are up 14.6 percent, which obviously points to higher overall income growth."
Somehow, this simple message needs to be sent to the Ameican people through the "media wall."
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Two things.
One is that I propose that once and for all we drop this nonsense about having to "pay for a taxcut" by raising taxes. That kind of dribble is like saying we should use a spending cut to finance an increase in spending.
The other is that it's high time we dropped the 'ain't it awful' hand-wringing. 'Concern' only makes sense if it leads us to work it out like an adult; otherwise we're just wallowing in it like a child.
And the supply-side roosters are claiming credit for the dawn. Again. See the analysis at http://home.att.net/~rdavis2/taxcuts.html. If you have specific disagreements with any of the numbers or conclusions, please post them. Alternately, please post a link to a budget document or credible economic study that purports to show that any major cut in income tax rates has ever paid for itself. I am more than willing to look at any serious evidence that any supply-sider is willing to present. But I have had a very hard time finding a supply-sider who will present any.
$2,300,000,000,000.00 ($2.3 Trillion) just is not enough for one year. Let's find more ways to give them more of our money. =^(
