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October 10, 2007

Comments

Have you even examined Senator Brownback's optional flat tax? Because it's a really great idea whose time has come.

Although I do admit that Romney and Giuliani's dueling tax cut claims are really suspect and hardly believable....

No chance b/c reporters also know the Bush administration is a bunch of knuckleheads. If the Bush people don't believe that tax cuts could generate more revenue, then you'd better take the opposing view.

But tax cuts did generate more revenue, which is why the economy grew an unprecedented amount right after a near-recession and a major terrorist attack, and why the deficit has continued to be paid down, I think by half at this point.

I don't see how you can reject something that's happening in front of your very eyes.

The US deficit has increased from $5.93 trillion dollars at the start of January 2002 to $9.05 trillion dollars as of today.

These figures are from the US Treasury.

It has increased in each of the past five years and it has increased again this year.

That's an increase of 52 %, or about 8% per year.

Howard, that's the debt, not the deficit. The debt is the total amount owed by the Government, the deficit is the amount by which the debt increases in a given fiscal year. The debt has continued to increase, because there has been a deficit each year. But the amount of the deficit has been trending down.

Oh, I know that Rob. But Yehudit had said the deficit was being "paid down", implying that we were achieving a reduction in the total debt (ie. running a surplus).

I see that the total debt increased by $3,100 billion dollars. Does Yehudit believe it would be higher without the benefit of tax cuts ? I guess he does but he doesn't explain how...

I do not see that "tax cuts have generated more revenue" nor that there was a significant (off-setting) economic stimulus as a result of changes in the tax laws.

To put it simply, levels of economic activity have far more to do with total tax revenue than tax rates have to do with levels of economic activity.

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