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This surprising news is reported by Larry Kudlow, Economics Editor of National Review Online, and host of CNBC’s Kudlow & Cramer:
...at lower tax rates, Treasury coffers are rapidly filling up with rising tax collections. The Laffer Curve is alive and well. Over the past twelve months individual income-tax collections have increased by 15 percent. Non-withheld individual collections, which include stock market-generated capital gains and dividends, have increased 14 percent.
This didnt happen on its own. In June 2003 the president signed tax-reform legislation that immediately lowered the top personal tax rate to 35 percent. Investment tax cuts were also part of that reform. The economys recovery rate subsequently doubled from the new dose of supply-side incentives.
...Deficit teeth-gnashing will go on forever. But there is no evidence that a temporary deficit increase to finance recovery investment has had any ill effect on the economy. Well-run businesses sometimes borrow to invest in future expansion. So must the federal government. The latest government statistics show that private-sector GDP growth is rising at better than 5 percent, while core inflation is a tame 1.5 percent. At 5.2 percent unemployment, the economy is moving steadily towards full utilization of the available workforce.
#1
#2Where does the greatest amount of IRS Tax revenue come from? I've heard that >50% of the tax revenue comes from the top 5% income earners? Anyone have a link they can pass on to me?<a href="http://www.facebookprofilelayouts.com/">Facebook backgrounds</a>
Bubububububububut Paul Krugman said......?
I guess he was FOS as usual.