"ALL CAPS IN DEFENSE OF LIBERTY IS NO VICE."

Friday, December 03, 2010

CLINTON TAX RATES VERSUS BUSH TAX RATES: WHICH RAISED MORE MONEY?

THE LEFT IS MAKING A LOT OF NOISE ABOUT THE BUSH TAX RATES.

THE LEFT SAYS THAT RETURNING TO THE CLINTON TAX RATES WON'T HURT THE ECONOMIC BECAUSE THE ECONOMY DID OKAY BACK THEN.

BUT BUSH'S TAX RATES ACTUALLY RAISED MORE MONEY.


IN 2007, THE US TREASURY RECEIVED THE MOST IT HAS EVER RECEIVED, ABOUT 1.550 TRILLION BUCKS.

THE MOST CLINTON'S TAX RATES EVER BROUGHT IN WAS ABOUT 1.222 TRILLION BUCKS.
  • HOW COULD LOWER RATES BRING IN MORE MONEY?
  • SIMPLE: THE ECONOMY WAS BIGGER.
  • IF WE WANT TO INCREASE FEDERAL GOVERNMENT RECEIPTS, ALL WE HAVE TO DO IS GROW THE ECONOMY.
  • RAISING TAXES WILL NOT GROW THE ECONOMY.
  • CUTTING TAXES AND REGULATIONS - LIKE ALLOWING UNLIMITED OFF-SHORE OIL DRILLING - WILL GROW THE ECONOMY.
  • OBAMA AND THE LEFT WOULD RATHER WE HAD HIGHER TAXES - ESPECIALLY ON THE RICH (FOR SOCIAL JUSTICES REASONS) - THAN HAVE A GROWING ECONOMY.

2 comments:

JW said...

Yes....really. Tax increases were an integral part of increasing revenues in the 90s. This superstition that tax cuts will always create economic growth just keeps getting demolished every time Republicans do it. Reagan's massive tax cuts in 1981 were promptly followed by recession, a big recession. But Bush's massive tax cuts surely didn't prevent the huge recession we entered in 2007. In fact, there's a good argument to make that giving huge tax cuts to the already wealthy just makes them more reckless with that money and bankster recklessness was surely the biggest part of how we got here.

Reliapundit said...

jw - u r insane!

1 - bush's lower tax rates yielded high revenues than clinton's higher tax rates.

2- the current recession was brought on by government programs that forced and encouraged bad lending practices and then guaranteed the derivative backers of those bad mortgages.

FANNIE MAE and FREDDIE MAC FORCED banks to make bad loans, and then implicitly gave these loans the full faith and backing of the US TREASURY.

even though barney frank EXPLICITLY denied this when Bush and McCain tried to pass legislation curbing these unsafe lending practices afyter a whistle blower exposed the bad practices at FANNIE MAE.

REPEAT:

the crash was entirely the result of socialistic lending rules forced on to the private banking industry.

the derivatives that were spun off these mortgages infected the global financial system.

bush tax rates had ZERO to do with it.

WAKE UP.

u ass.

if u goole-search at this blog FANNIE MAE you will get about 50 posts on this going back to 2006!