Ten Myths About the Bush Tax Cuts

The Democratic majority in the U.S. House of Representatives must decide whether to write a budget extending, expiring, or repealing the Bush tax cuts. These tax cuts have provided a convenient scapegoat for the nation's budget and economic challenges. Despite a 42 percent spending increase in 2001, critics charge that the tax cuts have starved popular pro-grams. Despite surging economic growth and 5 million new jobs since 2003, critics also charge that the tax cuts have not helped the economy. Finally, despite making the income tax code more progressive, critics charge that the tax cuts have widened inequality.

Nearly all of the conventional wisdom about the Bush tax cuts is wrong. In reality:

* The tax cuts have not substantially reduced cur-rent tax revenues, which were in fact not far from the 2000 pre-tax cut baseline and over the 2003 pre-tax cut baseline in 2006;
* The increased child tax credit, 10 percent tax bracket, and fix of the alternative minimum tax (AMT) reduced tax revenues much more than most of the "tax cuts for the rich";
* Economic growth rates have more than doubled since the 2003 tax cuts; and
* The tax cuts shifted even more of the income tax burden toward the rich.

Setting optimal tax policy requires governing with facts rather than popular mythology, which is why it is important to set the record straight by debunking 10 myths about the Bush tax cuts.

Much more here

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ELSEWHERE

Interesting article by the British National Party here. The so-called "Fascists" have embraced libertarianism -- the diametric opposite of Fascism! Liberty is a great British tradition so there is no contradiction in them doing so.

So whom was this harming? "Inspectors will begin annual checks of anatomy laboratories after health authorities were forced to act over a body parts scandal involving claims that dead women were sexually fondled by a staff member. The University of NSW has apologised to the families of people who donated their bodies to its medical faculty, as it came under fire for claiming three months ago that the concerns were related only to body parts being mislabelled. In fact the university had by then already passed on to police details of "salacious" allegations by two staff members that a colleague, who has since left, had fondled breasts and vaginas."

U.S. economy booming under Bush: "Know what's really impressive about today's boffo 3.5 percent GDP growth number for the fourth quarter? It wasn't so long ago that Wall Street economists were wondering if the number would be a "one-handle"-meaning growth between 1.0 and 1.9 percent. And instead of a "hard or "soft" landing, investment pros are now talking about a "growth scare" where a surprisingly robust economy would push the Federal Reserve into raising interest rates. In any event, I am starting to lend more personal credence to the theory that a combination of strong growth, fat corporate profits, and already tight labor market might push the unemployment rate to lows we have not seen since the 1960s."

Australia doing well too: "The unemployment rate has fallen to a fresh thirty-year low as the resources booms and a strong services sector drive economic growth. The unemployment rate in January fell to a seasonally adjusted 4.5 per cent, the lowest since May 1976, the Australian Bureau of Statistics said today. January employment fell by overall a seasonally adjusted 3600, but full-time employment rose by a 3200, helping to push the unemployment rate down to a fresh low. The data reflects strong economic growth through 2006 and anaysts expect jobs growth will acelerate in 2007, which is likely to push the jobless rate down even further."

For more postings, see TONGUE-TIED, EDUCATION WATCH, GREENIE WATCH, POLITICAL CORRECTNESS WATCH, GUN WATCH, SOCIALIZED MEDICINE, FOOD & HEALTH SKEPTIC, AUSTRALIAN POLITICS and EYE ON BRITAIN. (Mirror sites here, here, here, here, here, here, here and here).

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"All the worth which the human being possesses, all spiritual reality, he possesses only through the State." -- 19th century German philosopher Georg Wilhelm Friedrich Hegel. Hegel is the most influential philosopher of the Left -- inspiring Karl Marx, the American "Progressives" of the early 20th century and university socialists to this day.

The Big Lie of the late 20th century was that Nazism was Rightist. It was in fact typical of the Leftism of its day. It was only to the Right of Stalin's Communism. The very word "Nazi" is a German abbreviation for "National Socialist" (Nationalsozialistisch) and the full name of Hitler's political party (translated) was "The National Socialist German Workers' Party".

R.I.P. Augusto Pinochet. Pinochet deposed a law-defying Marxist President at the express and desperate invitation of the Chilean parliament. He pioneered the free-market reforms which Reagan and Thatcher later unleashed to world-changing effect. That he used far-Leftist methods to suppress far-Leftist violence is reasonable if not ideal. The Leftist view that they should have a monopoly of violence and that others should follow the law is a total absurdity which shows only that their hate overcomes their reason -- Details here and here

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