Yes, I'd Like to Keep My Tax Cuts
Do you suppose that 40 states have "booming local economies" and higher than expected tax revenues because of federal tax cuts? I do so suppose. When we get to keep more of our money we get to stimulate the economy. Government just pays more bureaucrat salaries and buys more '$5,000 toilet seats'.
Liberals have a penchant for complaining about a lot of things. One of them is that the rich keep getting richer at the expense of the poor. I've never seen them site a comprehensive study, so that's why I call it complaining. I suppose it could be because I haven't been paying attention to the subject well enough, but I think the fruits of liberal complaining--increased government control of every-freakin-thing--belies the fact that they do not have a good plan.
There are help wanted signs, it seems, in the windows or the little grassy plots out front of nearly every business in Utah. Alas, I exaggerate, but not by much. Anybody can get a job right now. Why then are there still so many people on welfare, by the way?
Cybercast News Service is reporting that Republicans are attempting to remove sunsetting (they would expire in 2010 as it now stands) from tax cut provisions that were enacted in 2001 and 2003. I say, excellent!
More money means more ability to save and spend. More money in the hands of the people means more efficient saving and spending. It also means that money will change hands more often, creating a multiplier effect resulting in such things as higher stock market averages and more jobs available to people.
Ooh! Deja vu!
"The idea of tax cuts influencing the economy, producing revenue that not only comes in for government but comes in for taxpayers ... works and it produced good things," Rep. Tim Walberg (R-Mich.) said in a news conference introducing the legislation.
The bill would eliminate the "sunset" provisions of the 2001 and 2003 tax cuts, which are set to expire in 2010 unless Congress acts to renew them.
Walberg cited a recent report showing increased revenues in more than 40 states as evidence that the tax cuts have stimulated economic growth resulting in Americans having more money to spend.
He was referring to a June 11 New York Times article that attributed state budget surpluses to "higher than expected tax collections ... and booming local economies" but did not attribute this to the federal tax cuts. Walberg said the root cause of those booming local economies has been the federal tax cuts.
I agree. I guess if I had only two political party choices I'd still be a Republican instead of a Democrat.
PS--Cato has an interesting analysis of the tax cuts during the Reagan years. After the tax cuts, the richest people actually paid a higher percentage of total US taxes. Sounds pretty good to me; how bout you? Or are you jealous of them for being richer than you?