The good part comes at 7:20 into the video –
David Gregory, like so many elite media “journalists”, parrots DNC talking points and/or blog points that they glean from smear sites like Media Matters and the Huffington Post. By far the favorite narrative/talking point/bogus premise from the elite media is that tax cuts cause deficits and that you have to raise taxes to increase revenue (they are still fighting Reagan and never got over it).
After the Reagan tax cuts were passed revenue doubled. Now I will try to explain this is such a way that even a Marxist professor might be able to understand. If your income goes way up and so does your debt, that is an indication of a spending problem, not a revenue one.
Basketball star LeBron James had a choice to play pro basketball in New York or Florida. He chose Florida because New York Taxes would have cost him a fortune.
Lets say that you are a gifted hi-tech designer, you have a choice of going to New York which has penalties for high wage earners, or you go to work for Boeing in Washington State because the voters there just voted down a “tax the rich” tax. Where do you go?
Recently 153 businesses have moved from California to Texas 1, 2.
Maryland instituted a “millionaire’s tax” and guess what, a third of their millionaire tax returns went POOF… some might not have been millionaires any more, but some left the state and others put more effort into putting money in tax shelters so that Maryland couldn’t take it. The result was a $100 million loss in state revenue.
[Note to every GOP candidate or office holder that goes on any show to talk about taxes, print these out and keep them with you at all times. This is just a sample of the evidence I have stored in my archive. Every time one of the David Gregory’s in the world starts down this bogus narrative whip these out and start quoting; then explain to him that his premise is a cute far left talking point but just isn’t reality. So after you lay a couple of these quotes on him I would say something like this:
David I have been watching you promote this bogus talking point for years. I am sorry that you never found the time to do your homework on this issue, but maybe you don’t read the New York Times, the Associated Press, the Wall Street Journal and all the rest of these. Well I do. So David I would like to think that you just didn’t do your homework, but if its otherwise you may be fooling yourself, but your not fooling me and your certainly not fooling them (while you point at the camera)
Remember, these elite media people are not there to give the news objectively, often they are there to destroy you. They are going to trash you anyways, so you might as well make news by knocking them down a peg. The next elite media “journalist” will think twice before pulling a tactic like that on you.
According to the Culture and Media Institute:
Major network news shows ran 69 stories about Sarah Palin between September 29 and October 12. 37 stories were negative, just 2 were positive, and 30 were neutral. Not a single evening news show ran a positive story about Palin
– Chuck Norton, Editor]
By all means lets settle this argument right now. Tax cuts often increase revenue because more jobs means more taxpayers and more income means more taxes paid and more economic activity. David Gregory is an advocate and the following evidence puts his bogus narrative to rest.
Reducing the capital gains tax rate from 20% to 15% increased capital gains tax receipts by 79% from 2000 to 2004. Cutting the dividend tax rate by more than half–from 39.6% to 15%–increased dividend tax receipts by 35% from 2002 to 2004. And corporate tax receipts have nearly tripled since 2003, reaching $250 billion for the past nine months, 26% higher than the same period last year. (WSJ July 25, 2006)
WASHINGTON — The federal deficit in the budget year that just ended fell to a four-year low of $247.7 billion _ a figure President Bush touted Wednesday as “proof that pro-growth policies work.” The deficit for the budget year that ended Sept. 30 was 22.3 percent lower than the $318.7 billion imbalance for 2005, handing Bush a welcome economic talking point as Republicans battle to hold onto control of Congress in the midterm elections. (AP Oct. 11, 2006)
One place it has come from are corporations, whose tax collections have climbed by 76% over the past two years thanks to greater profitability. Personal income tax payments are up by 30.3% since 2004 too, despite the fact that the highest tax rate is down to 35% from 39.6%. The IRS tax-return data just released last month indicates that a near-record 37% of those income tax payments are received from the top 1% of earners — “the rich,” who are derided regularly in Washington for not paying their “fair share.” (WSJ Oct. 6 2006) – The rich are paying more in real dollars since the tax cuts.
US Treasury Sets New 1-Day Tax Receipt Record Of $85.8 Billion
Tuesday September 19th, 2006 / 0h04
WASHINGTON -(Dow Jones)- The U.S. government recorded record-high overall and corporate tax receipts on Sept. 15, which was a quarterly deadline for tax payments, the Treasury said Monday.
Total tax receipts were $85.8 billion on Friday, compared with the previous one-day record of $71 billion on Sept. 15 of last year, the Treasury said.
Within the overall figure, corporate tax receipts Friday were $71.8 billion, up from $63 billion in September of last year.
Treasury Undersecretary for Domestic Finance Randal Quarles said Friday’s numbers provided a “continuing demonstration of the strength of the U.S. economy.”
“In fact, Friday’s gross receipts were the largest in a single day in the nation’s history – 20% higher than receipts on the same quarterly tax payment date last year,” Quarles said in a statement.
October 27, 2006 at 10:30 pm e
Laffer’s Victory – July 10, 2006 – The New York Sun
July 10, 2006 Edition
New York Sun Staff Editorial
July 10, 2006
It’s official — Arthur Laffer wins. New data show federal revenues surged in the first three quarters of the current fiscal year. Corporate tax receipts are up more than 26% over the same period last year, ringing in at $250 billion. Individual income tax collections, at $791 billion, are up 14% over the first nine months of fiscal 2005. The Congressional Budget Office projects corporate tax receipts will total $330 billion by the end of the fiscal year. As a result, the deficit for the year is expected to be about $300 billion, down from $318 billion last year and $412 billion the year before.
What, you ask, has led to this miraculous event? A tax cut, it turns out. Or rather, an array of tax cuts, on corporate income, personal income, and capital gains. These tax cuts, passed in 2001 and 2003, appear to be having the desired effect of spurring economic growth by creating addition incentives for work and entrepreneurship. The latest numbers, moreover, offer some hard data to challenge some of the charges leveled against President Bush and congressional Republicans in respect of tax cuts. These tax cuts haven’t exactly benefited “the rich.” A third of those higher income-tax revenues came from the highest-earning 1% of households, according to the New York Times.
Budget Deficit Drops $296B Under Estimate
Jul 11, 11:01 AM (ET)
By ANDREW TAYLOR
WASHINGTON (AP) – President Bush touted new deficit figures Tuesday showing considerable improvement upon earlier administration predictions, saying it shows the wisdom of his tax cuts.
Bush himself announced the figures – a task that for the most part has been left to lower-ranking administration officials in the past. The new figures show the deficit for the budget year ending Sept. 30 will be $296 billion – much better than the $423 billion that Bush predicted in February and a slight improvement over 2005.
October 27, 2006 at 10:33 pm e
Surprising Jump in Tax Revenues Is Curbing Deficit
Surprising Jump in Tax Revenues Is Curbing Deficit – New York Times
By EDMUND L. ANDREWS
Published: July 9, 2006
WASHINGTON, July 8 — An unexpectedly steep rise in tax revenues from corporations and the wealthy is driving down the projected budget deficit this year, even though spending has climbed sharply because of the war in Iraq and the cost of hurricane relief.
Graphic: Mixed Signals On Tuesday, White House officials are expected to announce that the tax receipts will be about $250 billion above last year’s levels and that the deficit will be about $100 billion less than what they projected six months ago. The rising tide in tax payments has been building for months, but the increased scale is surprising even seasoned budget analysts and making it easier for both the administration and Congress to finesse the big run-up in spending over the past year.
Tax revenues are climbing twice as fast as the administration predicted in February, so fast that the budget deficit could actually decline this year.
A flood of income tax payments pushed up government receipts to the second-highest level in history in April, giving the country a sizable surplus for the month. In its monthly accounting of the government’s books, the Treasury Department said Wednesday that revenue for the month totaled $315.1 billion as Americans filed their tax returns by the April deadline. The gusher of tax revenue pushed total receipts up by 13.4 percent from April 2005. (AP May 10, 2006)
WASHINGTON, July 8 — An unexpectedly steep rise in tax revenues from corporations and the wealthy is driving down the projected budget deficit this year, even though spending has climbed sharply because of the war in Iraq and the cost of hurricane relief. (NYT July 9, 2006)
And just for good measure here is President Kennedy on tax cuts –