Fed Tax Revs Continue Slashing Deficit

I have in these pages repeatedly admitted to many mistakes committed by Bush II, the president that I voted for in each of his elections. But in one area I challenge my leftist adversaries to admit where he was correct: cutting tax rates for capital gains and some other areas as a way of stimulating economic growth and increasing federal revenues. At the time his tax cuts passed, lefty opponents insisted that this would lead to a massive ballooning of the federal budget deficit. Proponents like me of this economic policy predicted the opposite, and the facts sure seem to have confirmed our model: this latest report shows that the deficit has continued to shrink since its peak in 2004, and now sits at half that level, with fed revenues simultaneously climbing and both trends expected to continue.

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