Thursday, May 24, 2007
About those tax cuts
It seems that they work...
According to Pete Dupont in the Wall Street Journal:
"Economic indicators show that since the 2003 tax cuts the GDP has grown an inflation-adjusted average of 3.3% a year, and eight million new jobs have been created over 44 consecutive months of job growth. Unemployment has fallen 25%, from 6.1% to 4.5%, with strong declines across all ethnic groups. Productivity growth has expanded 2.8% a year since 2001, outstripping the past three decades' average. So according to all these economic indices, the 2003 tax cuts have strengthened the American economy.
The tax cuts have also produced substantial tax revenue increases--14.5% growth in 2005 and 11.7% in 2006. For the first seven months of the current fiscal year, total revenues were up 11.3% over last year, and individual income tax receipts were up by 17.5%. Total tax receipts in April were $70 billion higher than in April 2006."
