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Thursday, April 26, 2007

Tax Revenues

Last September I posted some comments on a report of a record one-day tax revenue. On Friday, September 15, 2006, according to the U.S. Treasury, tax receipts totaled $85.8 billion, up from the previous record of $71 billion set on the same date the previous year.

Sept. 15, is a quarterly deadline for tax payments, and included in that $85.8 billion was another record: $71.8 billion in corporate tax receipts, up from $63 billion in the previous year.

Why am I again mentioning this now? Because today there is a report of yet another one-day tax revenue record. On April 24, tax revenue from individuals recorded an all time high of $48.7 billion, up from the previous record of $36.4 billion set on April 25, 2006.

All of these records have occurred during the Bush tax cut era.

So what does all of this tell us? It tells us that tax cuts actually increase revenue, not decrease it. Tax cuts fuel the economy. When the economy is strong, everyone makes more money. When everyone makes more money, more money goes to the government, not less.

The Bush tax cuts that have resulted in these record revenues are the same tax cuts that the new Democrat-controlled Congress is refusing to make permanent. They want to roll back some of these cuts. Doing so will slow the economy. Corporations will give the government a higher percentage of their profits, but because they will make less money, the government, over time, will collect a lower actual dollar amount. Furthermore, because corporations will make less money, individuals will begin to make less money, and the government will begin to collect less from us as well. Not a lower percent percentage of our income, but a lower actual dollar amount because we'll have less in our pockets to begin with.

Government revenues will be down, and individuals will have less money in their pockets. But hey, we’ll all feel good because we “stuck it to the rich” by rolling back their tax cuts.


Blogger SkyePuppy said...

How is it that the left never gets this figured out?

Great post!

12:36 AM  
Blogger ChuckL said...

Because it is the anithesis to their political agenda. American citizens controlling their own purse-strings - sort of the intent of our Founders - diminish the need for the Democrat proposed nanny state.

I agree... great post.

3:08 PM  

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