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Matt One problem they are not tax cuts the action just stops the Barry tax increases from coming into effect which would have made for round II of the Barry depression….
And tax receipts go up with less taxes remember even ST JFK did them,,,,,,,,
First, Matt, it’s good to have you back online. I spent about 3 weeks reloading your old LoHud blog, only to see it never change! Glad to see you’ve found a new space.
Second, to Boatcat: Tax receipts do not go up with decreased taxes. Your claim is false. The fact is that tax receipts fall when the government lowers marginal rates, and this is indisputable. From the Federal Reserve in StL:
http://research.stlouisfed.org/fred2/graph/?chart_type=line&s1id=FGRECPT&s1transformation=pc1
As you can plainly see, tax receipts fall drastically when major cuts (Bush in 2000, Reagan in 1981, JFK in 1961) are enacted.
its bad enough to extend Bush’s policies that cratered the economy and created this deficit, but they even threw some new tax cuts in for good measure. Was reducing social security taxes by $2,100 per year for people making > $106,000 really necessary to jump start the economy??
Let’s see here: The issue is letting the Bush “temporary” tax cuts expire and let the rates go back to what they were when Clinton was president.
Under Clinton and the tax rates at that time, we had a booming economy, and Clinton actually balanced the federal budget and started to pay down the federal debt. Under the Bush tax cuts (during a war, for chrissake!), the economy tanked and the deficit balooned to unprecedented levels. And Boatcat thinks that the Bush times were better??? Sigh…
-jp