According to the congressional Joint Committee on Taxation, the tax cuts enacted since 2001 cost $251 billion (in) revenue in FY2006, when the deficit was $248 billion. In other words, absent them and the US could have paid for its Iraqi and Afghan operations and post-Hurricane Katrina reconstruction within a balanced budget.
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During a White House meeting in early 1984, Ronald Reagan shocked economic adviser Martin Feldman in insisting that no tax increase in US history had raised revenue. The eminent Harvard economist penned him a memo proving that every increase in tax rates from 1917 to 1969 had actually done so. Arguably the contemporary GOP needs to absorb this lesson and the corollary one that tax cuts cost revenue before it can play a constructive and bipartisan role in the solution of America’s increasingly grim twenty-first century deficit problem.
Toomey can yak about expanding the tax base into infinity, but all he wants to do is reward his "pay no price, bear no burden" pals yet again, all of which would re-explode our already exploded budget deficit (and again, I line up with Professor Krugman on the matter of paying down the deficit by putting people back to work and adding to the tax base that way).
It's truly frightening to contemplate what will happen to this country if Toomey and his party win power in Congress, people (Obama can veto only so much).
Vote for Admiral Joe Sestak (and help if you can by clicking here) and the Democrats on Tuesday Nov. 2nd as if your well being depends on it, because it probably does.
(And by the way, one of Toomey's most grotesque lies is that Sestak voted to ban private health insurance; Sestak voted against a public option and voted for allowing the states to opt out of health care reform. How that translates into banning private insurance is something I cannot imagine.)
...and speaking of taxes...
...and speaking of politics in general, I suppose this is a "bipartisan-ly" offensive tune (some bad words halfway through and something objectionable at the very end, but I'd give a listen anyway).
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