How do you know Fred Thompson is going to run for president? Like Rudy Giuliani and John McCain, Thompson is endorsing the false claim that tax cuts increase revenue. Check out how many times he hits the talking point in this Wall Street Journal op-ed (italics mine):
The results of the experiment that began when Congress passed a series of tax-rate cuts in 2001 and 2003 are in. Supporters of those cuts said they would stimulate the economy. Opponents predicted ever-increasing budget deficits and national bankruptcy unless tax rates were increased, especially on the wealthy.
In fact, Treasury statistics show that tax revenues have soared and the budget deficit has been shrinking faster than even the optimists projected. Since the first tax cuts were passed, when I was in the Senate, the budget deficit has been cut in half.
Remarkably, this has happened despite the financial trauma of 9/11 and the cost of the War on Terror. The deficit, compared to the entire economy, is well below the average for the last 35 years and, at this rate, the budget will be in surplus by 2010.
Perhaps the most fascinating thing about this success story is where the increased revenues are coming from. Critics claimed that across-the-board tax cuts were some sort of gift to the rich but, on the contrary, the wealthy are paying a greater percentage of the national bill than ever before.
...Unfortunately, the tax cuts that have produced our record-breaking government revenues and personal incomes will expire soon. Because Congress has failed to make them permanent, we are facing the worst tax hike in our history. Already, worried investors are trying to figure out what the financial landscape will look like in 2011 and beyond.
...To face these challenges, and any others that we might encounter in a hazardous world, we need to maintain economic growth and healthy tax revenues. That is why we need to reject taxes that punish rather than reward success. Those who say they want a "more progressive" tax system should be asked one question:
Are you really interested in tax rates that benefit the economy and raise revenue--or are you interested in redistributing income for political reasons?
Who are you going to believe -- a Law & Order actor or the entire economics profession, including multiple Bush administration economists?