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.
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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.
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.
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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*
Several basics facts about US Debt and Spending.....
16/04/2011 04:41:55 AM
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Guess we should have okay'd those death panels for old people then. Big money saver. *NM*
16/04/2011 03:38:00 PM
- 332 Views
Balancing our budget would be easy.
16/04/2011 06:46:32 PM
- 584 Views
Several of those aren't as easy as you make it sound, but the import tax is a big no-no.
16/04/2011 07:34:30 PM
- 805 Views
Also on the buying drugs from Canada idea
16/04/2011 08:17:26 PM
- 695 Views
Funny you mentioned WWII and 1968. Can you put tax rates at these times as well?
16/04/2011 07:50:09 PM
- 1074 Views
Not really. Even if you can substantially raise tax revenue, the entitlement problem remains. *NM*
16/04/2011 08:25:26 PM
- 291 Views
Re: Not really. Even if you can substantially raise tax revenue, the entitlement problem remains.
16/04/2011 09:19:40 PM
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Have you ever looked at those projections for a decade or two hence?
16/04/2011 10:13:12 PM
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Yes I have
16/04/2011 10:44:50 PM
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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
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Exactly. Cutting back on fraud and waste doesn't really put much of a dent in those projections. *NM*
17/04/2011 02:31:13 AM
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Sorry, but that is a stupid opinion.....
16/04/2011 08:38:35 PM
- 644 Views
Sounds like another bull.
16/04/2011 09:31:05 PM
- 917 Views
Dude, the data is the data.....tax revenue increased all three times.
16/04/2011 09:47:37 PM
- 856 Views
As I suspected, it's a bull.
16/04/2011 10:02:05 PM
- 787 Views
Stop being a fool - read and react to the data provided, posting something.....
16/04/2011 10:14:11 PM
- 547 Views
Response is
16/04/2011 10:19:00 PM
- 772 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
- 763 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
- 723 Views
I take it you mean "rate of revenue growth decreases".
16/04/2011 11:11:19 PM
- 622 Views
It's not remarkable that revenue increased after the Reagan cuts.
17/04/2011 07:21:47 PM
- 949 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
- 647 Views
All the data is via CBO - do you know that the CBO is?
16/04/2011 10:16:08 PM
- 654 Views
Re: All the data is via CBO - do you know that the CBO is?
16/04/2011 10:27:01 PM
- 772 Views
Nice try.....care to explain why the same exact thing happened.....
16/04/2011 10:35:44 PM
- 583 Views
Re: Nice try.....care to explain why the same exact thing happened.....
16/04/2011 10:49:33 PM
- 714 Views
Krugman is a shill for the Obama administration.
17/04/2011 02:34:50 AM
- 595 Views
Re: Krugman is a shill for the Obama administration.
17/04/2011 03:50:24 AM
- 822 Views
Some obesrvations by Republican economists
18/04/2011 12:27:04 AM
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You mean the Keynesian economist who wrote The Failure of Reaganomics
18/04/2011 04:00:52 PM
- 586 Views
Re: You mean the Keynesian economist who wrote The Failure of Reaganomics
18/04/2011 05:36:44 PM
- 579 Views
You use Krugman and then complain about the Heritage Foundation! Are you f.. kidding me? *NM*
18/04/2011 02:46:47 AM
- 305 Views