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Tax cuts = Revenues up ... AGAIN!

The Rapidly Declining Deficit
How?s it happening? Look to the tax-rate cuts of 2003.


According to the Treasury department, the U.S. government took in a single-day record $61 billion in tax receipts on June 15. This surpassed the previous single-day high of $56 billion set on December 15, 2000. The recent surge in tax revenues is not just a one-day event. Fiscal year to date, total government receipts are up 15.5 percent, the fastest rate of increase on a comparable FYTD basis since 1981. The difference between the growth rate of tax revenues and the growth rate of government spending has widened to 8.4-percentage points, the largest since late 2000 when the budget was in surplus.
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It's interesting that our Bush hating friends have not

In reply to: Tax cuts = Revenues up ... AGAIN!

chimed in here. Where's Crowsfoot? He was certainly sure a travesty was going on while he was ranting.

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(NT) (NT) Eating crow and chomping on his foot?

In reply to: It's interesting that our Bush hating friends have not

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He's probably in bed with a headache...he may have

In reply to: It's interesting that our Bush hating friends have not

...missed his Midol this morning.

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flat tax mentioned

In reply to: Tax cuts = Revenues up ... AGAIN!

Unfortunately, the finer points of dynamic scoring escape the ?logic? of the no-growth neo-Malthusian Democrats and the root-canal contingent in the Republican party. Both would be well advised to look at the record of the Baltic states, some of which have had flat taxes for over a decade. Flat-tax countries have experienced superior macroeconomic performance and rapid tax-revenue growth despite undergoing the same unfavorable demographic trends that have plagued Western Europe and Japan. This is no accident.
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Your post has a fact error

In reply to: Tax cuts = Revenues up ... AGAIN!

The budget was NEVER in surplus

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Not True, Duckman!

In reply to: Your post has a fact error

It was in balance for the last year of Clinton's Presidency, and the actual budget was balanced the previous year, even though it wasn't written that way.

-- Dave K, Speakeasy Moderator
click here to email semods4@yahoo.com

The opinions expressed above are my own,
and do not necessarily reflect those of CNET!

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Did the US debt decreases?

In reply to: Not True, Duckman!

How can he claim to have a surplus when the US debt was continuing to rise? At my house a deficit not a surplus will cause my debt to increase.

I also do recall he used the Social Security trust fund to bolster his claim of surplus.

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Truly, it much worse than that

In reply to: Did the US debt decreases?

I am surprised that so many of you seem unaware of the "off budget" items, and unfunded liabilities.

If congress hadn't exempted themselves from the accounting laws by which all companies, corporations, and individuals in this country are required to abide, then we would see this mess for what it really is. Our liabilities accrue yearly (promises made to the someday elderly, the future government retirees and military retirees for example) but no money exists to pay these liabilities.

Please don't try to tell me about the "Social Security Trust Fund". If any corporation (say GM) set up a trust fund for employee retirement that used the set aside money in the trust fund to purchase GM Bonds, the corporate officers would be behind bars.

But, our "Social Security Trust Fund" is full of US Bonds. IOW we promise to pay off those bonds when the time comes, but we really need that money right now for... (name of your favorite governmental program). So, when the bonds come due the guys at SS take their bonds to the treasury department, and ask for the money right? Right, and Treasury goes to Congress and asks for money to buy those bonds back, and Congress just raises the necessary taxes to do just that, Right! If you believe that, I have a bridge...

Always remember: There Ain't No Such Thing As A Free Lunch (TANSTAAFL) But that's what our politicians have been peddling for years, and too many of us have bought into it hook, line, and sinker.

Our epitath was written in France over 200 years ago:

A republic? A republic will last until the day the voters discover they can vote themselves largesse from the public treasury.

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Typical Clinton era bull flop

In reply to: Not True, Duckman!

Can?t have ?Surplus? when

1. you have outstanding debt
2. payroll taxes already earmarked and spent are included as revenue
and
3. you use economic forecasts for growth that would be unrealistic even in a fairy tale

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counterbalancing thoughts

In reply to: Tax cuts = Revenues up ... AGAIN!

I dont know how much water this article holds. But it suggests that the trade balance could keep us from reaching our goal of balancing the budget.

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Supporting arguments

In reply to: counterbalancing thoughts

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That just shows recovery from quasi-recession, Evie.

In reply to: Tax cuts = Revenues up ... AGAIN!

Also note that June 15th is an abnormal day -- it's one of the four annual deadlines for estimated tax payements for folks who can't handle all their annual tax debt from withholding (IOW, the fat cats).

-- Dave K, Speakeasy Moderator
click here to email semods4@yahoo.com

The opinions expressed above are my own,
and do not necessarily reflect those of CNET!

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Sometimes its complicated

In reply to: That just shows recovery from quasi-recession, Evie.

But I think things will continue to look up. I think the collapse of the EU will help.

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Gee,I wonder how the thousands of freelance artists

In reply to: That just shows recovery from quasi-recession, Evie.

and other small sole proprietor business people who fall under this tax regime (as I used to) would take to being called "fat cats".

Try living in the real world, Dave. Sheesh!

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