Evil Bush Tax Cuts

From Neal Boortz.

Now, the tax cuts. Brian Riedl, a research fellow at the Heritage Foundation, points out that if you take Kerry’s imaginary $5.6 trillion surplus and work your way to the predicted $6.1 trillion deficit for 2011, you have a 10-year swing of $11.7 trillion. Riedl crunches the CBO numbers from January 2001 until the present and finds that the Bush tax cuts for the evil rich amount to just 4 percent of that swing. So much for Becerra’s “blame the Bush tax cuts” angle. Sorry, Xavier.

Here’s something else you might not remember about the Bush tax cuts. Congress thought it would be a good idea to phase these tax cuts in over several years. Didn’t work. The economy continued to shed jobs, so the Congress decided to let the tax cuts take effect immediately, and threw in a cut in capital gains and dividends to boot. It worked. Eight million jobs were created and tax revenues increased.

Did you catch that? Tax revenues increased after a tax cut. Democrats just hate this, but increased revenues are the norm after tax cuts. Why? Because tax cuts spur economic growth. The CBO said that the Bush tax cuts would lower 2006 revenues by $75 billion. Oops! Wrong again! Revenues actually increased by $47 billion. What about jobs? In the 18 months before the Bush tax cuts our economy lost 267,000 jobs. In the 18 months following the cuts it added over 300,000 jobs. In the next 19 months another 5 million jobs were added.

This doesn’t just work for Republicans. Kennedy cut taxes with similar results, as did Bill Clinton. (Of course Clinton had a Republican congress pushing for the tax cuts.)