 ...the rest of the article. Quote:
According to the latest stats, tax revenues are climbing twice as fast as predicted and the deficit is being sharply cut. That's because the so-called rich are making money in the stock market and other investments. And the government is taxing that money at a moderate rate. Taxing it at a higher rate discourages investment.
Want more proof? President Bill Clinton, you just saw him. He was a "tax the rich" guy. In the middle of his two terms, 1995, the federal government took in $1.5 trillion in tax receipts -- $1.5 trillion. Ten years later, 2005, the middle of President Bush's term, the Feds took in $2.1 trillion, 40 percent more than under Clinton!
Now, socialist columnist Paul Krugman -- I hate to pick on the guy, but I have to -- must be rolling over in his Princeton University classroom. But the fact is that lower taxes help the economy and give the feds more tax money.
But it's not really about lower taxes, is it? It's all about the federal government taking money away from affluent Americans and giving it to those less well off. That's what Krugman and his merry band really want. They think unfettered capitalism is bad, income redistribution is good.
So please, no more tax cuts for the rich nonsense. With the Bush administration spending like crazy, with high gas prices, with an expensive War on Terror, the USA should be in a deep recession. And the main reason the country is not is because Americans continue to spend and invest. Lower taxes mean more prosperity for everyone. No spin.
| |