2006-09-19
Low Tax Rates = High Tax Revenues
Nadir: I know that you want the US Treasury to maximize its tax income, so that federal employees can do all sorts of wonderful things with the money (even things that I agree with you about, such as paying down the deficit). Well, as promised, once again we see that Bush's "tax cuts for the rich" has led to increases in "tax revenue from the rich." Would you rather "soak the rich", which would amount to confiscating a higher fraction of their income, but causing their income to decline... as well as the amount taxes that they pay? Would you rather get 10% of a million bucks, or 30% of 300,000?
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3 comments:
With corporate taxes, you pay in advance and then get that money back when you file the next year. A one-day tax receipt record doesn't mean shit. Those corporate accountants will pull all their deductions together, and come up with a tax bill that is as close to zero as possible for the year.
Corp taxes are very different from personal stuff.
Nadir: You're claiming that what the Fed'l govt gains in increased corporate taxe revs it will lose in lost income tax revs?
You are incorrect. Overall net federal tax revenues have increase since Bush's tax rate reduction. And not because corporate tax revenues over-compensated for lost income tax revenues; both catagories increased... and to record levels!
http://taxprof.typepad.com/.shared/image.html?/photos/uncategorized/revenue20growth.jpg
I have posted this data before on this site. Did you forget?
http://reformedleftist.blogspot.com/2006/05/record-tax-revs-in-age-of-bush-tax_10.html
http://reformedleftist.blogspot.com/2006/02/cuts-in-tax-rates-cause-increase-in.html
Or do you ignore economic information? That would make sense, since you seem not to know that a reduction of tax rates always results in an increase in tax revenues:
http://www.heritage.org/Research/Taxes/wm327.cfm
Please read this information, and then admit that your claim here was incorrect: both personal and corporate tax revenues have increased since Bush's tax cuts materialized.
Nadir: I'm waiting for you to admit that you made an incorrect claim.
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