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Ahh, look at that, revenues fell from the 2000 high, but eventually rebounded to 2000 levels. Let's give credit to those tax-cuts for eventually increasing revenue after 5 years.
I couldn't have asked for a better example of why one needs to take into account inflation and population growth, both which increase revenue regardless of policy. When we do that, we see that revenue per capita never gets to the level that existed prior to the tax-cuts -- in-spite of an economy much larger in real terms than in 2000.
Once again, the zombie lie that tax-cuts increase revenue gets the double-tap, but is sure to rise again in another thread.
Although you make good points, we don't live in a bubble. For instance the NASDAQ collapse from 2000 to early 2003 saw federal government go from collecting revenues to handing out tax write offs.
You also realize that the Bush tax cuts were phased in, and most weren't really in effect until 2003 - when you show increases in government revenue start occurring.
Also, per the WSJ millionaire household taxes more than doubled from 2003 to 2006...while the poor paid a smaller share...whoops there goes that narrative.
Although you make good points, we don't live in a bubble. For instance the NASDAQ collapse from 2000 to early 2003 saw federal government go from collecting revenues to handing out tax write offs.
You also realize that the Bush tax cuts were phased in, and most weren't really in effect until 2003 - when you show increases in government revenue start occurring.
Also, per the WSJ millionaire household taxes more than doubled from 2003 to 2006...while the poor paid a smaller share...whoops there goes that narrative.
Actually, there were two separate Bush tax-cuts, the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA).
EGTRRA was envisioned in the 2000 campaign as a way of giving the surplus back to the people but when the recession hit it was re-branded as a stimulus. JGTRRA was advertised as a jobs bill that didn't create many jobs.
All-in-all, while your point about stocks falling is well taken, it still remains that GDP was growing over that period. Real Gross Domestic Product went from ~11 trillion to ~$13 trillion by 2005. It's just that real revenues did not, because the rates were lowered.
Actually, there were two separate Bush tax-cuts, the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA).
EGTRRA was envisioned in the 2000 campaign as a way of giving the surplus back to the people but when the recession hit it was re-branded as a stimulus. JGTRRA was advertised as a jobs bill that didn't create many jobs.
All-in-all, while your point about stocks falling is well taken, it still remains that GDP was growing over that period. Real Gross Domestic Product went from ~11 trillion to ~$13 trillion by 2005. It's just that real revenues did not, because the rates were lowered.
Basically, the first one had the vast majority of the cuts to be phased in slowly by 2006.
The second one made those cuts instant in 2003.
Why do Democrats always ignore this when posting your data?
The Obama administration continues to deliver............................economic misery to the US. The policies of high taxes, increased regulations, no use of federal lands for energy exploration, and the burden of Obamacare continues to erode the standard of living and wages in America. Dems and the libs OWN this economy, as thier policies have done nothing but perpetuate poor economic activity.
Basically, the first one had the vast majority of the cuts to be phased in slowly by 2006.
The second one made those cuts instant in 2003.
Why do Democrats always ignore this when posting your data?
Because it is easier for Democrats to deceive than to be upfront honest about it... I confronted many about their lack of honesty.... I just get empty stares...
Really? You do remember that economic collapse that occurred in 2008 right? That Democratic influenced housing bubble? WOW!! Memories are short. So prove that the revenue increases were not part of the tax cuts.the burden is on you. I love how liberals are so selective in their history.
I'm perfectly willing to accept the fact that multiple factors have an affect on the Federal Revenue numbers. Its your post that seemed to imply that Federal Revenue numbers are only based on the single factor of the current tax rate.
Quote:
Originally Posted by BigHouse9
Secondly, to dispell the general article that you quote but this is reality, not theory. Here are the ACTUAL tax revenues from 2001 to 2007, taken DIRECTLY from the historical tables published by the Office of Management and Budget:
Note that the first Bush tax cut occurred in 2003.
Total federal government receipts rose from $1.782 trillion in 2003 to $2.567 trillion in 2007 — an increase of $785 billion, or 44 percent, 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.
No spin or lies there. Would you care to take some time to review and perhaps change your opinion on tax revenues not increasing after tax cuts?
Your documenting the revenue numbers does not prove that cutting taxes increases Federal Revenue, as the tax years 2008 and 2009 prove.
I'm even willing to accept the economic theory on the Laffer Curve. However the ramifications of the theory are dependent on were you are on the curve.
The Obama administration continues to deliver............................economic misery to the US. The policies of high taxes, increased regulations, no use of federal lands for energy exploration, and the burden of Obamacare continues to erode the standard of living and wages in America. Dems and the libs OWN this economy, as thier policies have done nothing but perpetuate poor economic activity.
Lowest tax revenues since the great depression, thank you George W. Bushka!
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