Active Users:1084 Time:14/11/2024 10:23:51 PM
Dude, the data is the data.....tax revenue increased all three times. trzaska2000 Send a noteboard - 16/04/2011 09:47:37 PM
Try looking up the actual metric I am talking about. Don't be lazy. Here is some help.....let's take 2006 as a case study (3 years after GWB's tax cut):

Myth: The Bush tax cuts substantially reduced 2006 revenues and expanded the budget deficit.
Fact: Nearly all of the 2006 budget deficit resulted from additional spending above the baseline.

Critics tirelessly contend that America's swing from budget surpluses in 1998-2001 to a $247 billion budget deficit in 2006 resulted chiefly from the "irresponsible" Bush tax cuts. This argument ignores the historic spending increases that pushed federal spending up from 18.5 percent of GDP in 2001 to 20.2 percent in 2006.[4]

The best way to measure the swing from surplus to deficit is by comparing the pre-tax cut budget baseline of the Congressional Budget Office (CBO) with what actually happened. While the January 2000 baseline projected a 2006 budget surplus of $325 billion, the final 2006 numbers showed a $247 billion deficit-a net drop of $572 billion. This drop occurred because spending was $514 billion above projected levels, and revenues were $58 billion below (even after $188 billion in tax cuts). In other words, 90 percent of the swing from surplus to deficit resulted from higher-than-projected spending, and only 10 percent resulted from lower-than-projected revenues.[5] (See Chart 1.)

Furthermore, tax revenues in 2006 were actually above the levels projected before the 2003 tax cuts. Immediately before the 2003 tax cuts, the CBO projected a 2006 budget deficit of $57 billion, yet the final 2006 budget deficit was $247 billion. The $190 billion deficit increase resulted from federal spending that was $237 billion more than projected. Revenues were actually $47 billion above the projection, even after $75 billion in tax cuts enacted after the baseline was calculated.[6] By that standard, new spending was responsible for 125 percent of the higher 2006 budget deficit, and expanding revenues actually offset 25 percent of the new spending.

The 2006 tax revenues were not substantially far from levels projected before the Bush tax cuts. Despite estimates that the tax cuts would reduce 2006 revenues by $188 billion, they came in just $58 billion below the pre-tax cut revenue level projected in January 2000.[7]

The difference is even more dramatic with the pro-growth 2003 tax cuts. The CBO calculated that the post-March 2003 tax cuts would lower 2006 revenues by $75 billion, yet 2006 revenues came in $47 billion above the pre-tax cut baseline released in March 2003. This is not a coincidence. Tax cuts clearly played a significant role in the economy's performing better than expected and recovering much of the lost revenue.

-----------------------------------------------------------

Don't be too upset that your entire POV is incorrect (regarding tax cuts). The Republicans are still too blame, at least for 2006, since they were the ones that were spending like drunken sailors - GWB and the R Congress.
*MySmiley*
Chart #1
Reply to message
Several basics facts about US Debt and Spending..... - 16/04/2011 04:41:55 AM 1125 Views
Well ... at least we've been here before ... ? - 16/04/2011 06:41:00 AM 645 Views
Guess we should have okay'd those death panels for old people then. Big money saver. *NM* - 16/04/2011 03:38:00 PM 331 Views
Yeah, those old people are draining the system..... - 16/04/2011 06:57:59 PM 625 Views
You're already worse off than much of Europe, honestly. - 16/04/2011 04:08:37 PM 761 Views
Re: You're already worse off than much of Europe, honestly. - 17/04/2011 01:33:31 AM 737 Views
Balancing our budget would be easy. - 16/04/2011 06:46:32 PM 579 Views
Also on the buying drugs from Canada idea - 16/04/2011 08:17:26 PM 690 Views
Re: Also on the buying drugs from Canada idea - 18/04/2011 01:59:44 PM 730 Views
Re: Also on the buying drugs from Canada idea - 18/04/2011 05:16:14 PM 901 Views
Funny you mentioned WWII and 1968. Can you put tax rates at these times as well? - 16/04/2011 07:50:09 PM 1069 Views
Not really. Even if you can substantially raise tax revenue, the entitlement problem remains. *NM* - 16/04/2011 08:25:26 PM 289 Views
Re: Not really. Even if you can substantially raise tax revenue, the entitlement problem remains. - 16/04/2011 09:19:40 PM 732 Views
Have you ever looked at those projections for a decade or two hence? - 16/04/2011 10:13:12 PM 674 Views
Yes I have - 16/04/2011 10:44:50 PM 803 Views
Erm, and you think total health care spending is not getting out of control? I'm a little confused. - 16/04/2011 11:02:52 PM 734 Views
Yes it's going out of control - 16/04/2011 11:17:59 PM 673 Views
Good, we agree on that much then. - 17/04/2011 09:59:17 AM 665 Views
Sorry, but that is a stupid opinion..... - 16/04/2011 08:38:35 PM 641 Views
Sounds like another bull. - 16/04/2011 09:31:05 PM 912 Views
Dude, the data is the data.....tax revenue increased all three times. - 16/04/2011 09:47:37 PM 850 Views
As I suspected, it's a bull. - 16/04/2011 10:02:05 PM 783 Views
Stop being a fool - read and react to the data provided, posting something..... - 16/04/2011 10:14:11 PM 543 Views
Response is - 16/04/2011 10:19:00 PM 764 Views
Good lord.....it's like talking to a brick. I really hope you are 12 or 13. - 16/04/2011 10:28:44 PM 761 Views
Re: Good lord.....it's like talking to a brick. I really hope you are 12 or 13. - 16/04/2011 10:47:24 PM 720 Views
I take it you mean "rate of revenue growth decreases". - 16/04/2011 11:11:19 PM 619 Views
Re: I take it you mean "rate of revenue growth decreases". - 16/04/2011 11:26:02 PM 769 Views
Additional point - 16/04/2011 11:37:17 PM 773 Views
I've just noticed that you've provided charts from Heritage Foundation! Are you f.. kidding me? - 16/04/2011 10:13:46 PM 641 Views
All the data is via CBO - do you know that the CBO is? - 16/04/2011 10:16:08 PM 651 Views
Re: All the data is via CBO - do you know that the CBO is? - 16/04/2011 10:27:01 PM 766 Views
Nice try.....care to explain why the same exact thing happened..... - 16/04/2011 10:35:44 PM 579 Views
Re: Nice try.....care to explain why the same exact thing happened..... - 16/04/2011 10:49:33 PM 709 Views
Krugman is a shill for the Obama administration. - 17/04/2011 02:34:50 AM 592 Views
Re: Krugman is a shill for the Obama administration. - 17/04/2011 03:50:24 AM 815 Views
Some obesrvations by Republican economists - 18/04/2011 12:27:04 AM 951 Views
You mean the Keynesian economist who wrote The Failure of Reaganomics - 18/04/2011 04:00:52 PM 582 Views
Re: You mean the Keynesian economist who wrote The Failure of Reaganomics - 18/04/2011 05:36:44 PM 571 Views
Useless fact about our presidents since 1945. - 17/04/2011 09:20:16 PM 816 Views
Re: Several basics facts about US Debt and Spending..... - 20/04/2011 03:51:19 PM 1000 Views

Reply to Message