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Wednesday, October 31, 2007

A Convenient Lie

As soon as you read this from Pete Du Pont:

Inconvenient Tax Truths: Al Gore believes global warming is "an inconvenient truth." Here are some economic truths that America's liberal leadership finds too inconvenient to support. ... Tax rate reductions increase tax revenues. This truth has been proved at both state and federal levels, including by President Bush's 2003 tax cuts on income, capital gains and dividends. Those reductions have raised federal tax receipts by $785 billion.

There's no need to read any further, he's revealed himself (yet again) as a political hack. The saddest part is that some people actually believe these lies.

It's also too bad that under Rupert Murdoch the Wall Street Journal's editorial page has continued to print these lies to support an ideology, lies that helped to push through tax cuts that did not raise revenues by $785 billion or at all, but instead lowered revenues by hundreds of billions of dollars according to Congressional Budget Office estimates. [Just to be clear, this is about the editorial pages, not the news pages, e.g. see Greg Ip's excellent story on changes in the Fed under Bernanke for an example of the difference in quality].

    Posted by on Wednesday, October 31, 2007 at 02:25 AM in Budget Deficit, Economics, Politics, Taxes | Permalink  TrackBack (0)  Comments (14)

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