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Re: Scott Walker cut $541 million in taxes last year. Now his state will miss a $108
Sorry - but if you believe that the US economy after 9/11 did not improve and grow as a result of the Bush era tax cuts that were fully implemented through 2003, and that they didn't assist in moving the US to virtual full employment levels in the 4.5 % unemployment range, then you must believe that there is zero that government can do to goose a stagnating or declining economy.
I have written a great deal about this. I couldn't have found a better example of why it is important to adjust for inflation and population growth, both which tend to raise revenue regardless of tax policy. If one normalized for population growth and inflation, 2007 was about the same revenue as 2000. There is a burst in 2005 but economists attribute that to the housing bubble. Even with that, revenue didn't match 2000 revenue. Thus, we can conclude that reducing taxes in 2001 and 2003 did not increase government revenues although GDP did rise in each year. It's a zombie myth that lowering taxes pays for themselves and this proves it.
Sorry - but if you believe that the US economy after 9/11 did not improve and grow as a result of the Bush era tax cuts that were fully implemented through 2003, and that they didn't assist in moving the US to virtual full employment levels in the 4.5 % unemployment range, then you must believe that there is zero that government can do to goose a stagnating or declining economy.