July 11th, 2006, 04:38 PM
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#7 (permalink)
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| Light to Counter the Dim
Join Date: Oct 2001 Location: Long Island, NY, USA
Posts: 6,699
| Quote: |
Originally Posted by Patrick Just curious. Who was closer? The Republicans with what they thought the tax
cut would generate or the Democrats with what they thought the tax cuts would
lose? | The tax cuts didn't generate any revenues. They are a net loser. Quote: |
The IRS data are for tax year 2003, the year in which the Jobs and Growth Tax Relief Reconciliation Act took effect. That legislation enacted tax breaks for capital gains and dividends, as well as reductions in marginal tax rates and other tax cuts. Based on a detailed analysis of individual tax returns for 2003, the IRS concludes, “Because of this law [JGTRRA], even with [an] increase in taxable income, the lower tax rates resulted in a 6.1-percent decrease in total income tax [relative to the previous year].” http://www.cbpp.org/10-6-05bud3.htm |
In addition, we see that the 2006 revenue numbers reflect payments from corporations and the wealthy that have made a killing in the present economic environment. Wage earners haven't seen real wages rise since 2000.
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