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Heavy-Handed Politics

"€œGod willing, with the force of God behind it, we shall soon experience a world
without the United States and Zionism."€ -- Iran President Ahmadi-Nejad

Friday, August 26, 2005

Regarding the redistribution of your income...

Reaganomics rides again! As it stands, federal tax revenues continue to increase at an annualized rate of 13 percent, and state tax coffers show a similar trend. Even with an estimated seven percent climb in federal spending in 2005, the deficit will still shrink by $100 billion. Indicative of the economy's growing momentum, corporate income-tax receipts are up 40 percent, and even non-withheld personal income-tax receipts are up by one-third. Payroll taxes are $75 billion over this year's projections, generating an eight percent increase in payroll-income receipts.

What does this mean? The Bush tax cuts worked: Lowering tax rates increases income, thus raising tax revenues. Democrats, of course, still don't get the magic of the Laffer Curve and are intent on hiking capital-gains taxes from 15 percent to the old rate of 20 percent. If Americans continue to vote their own pocketbooks and not Uncle Sam's, budget deficits—and the number of elected Democrats—can be expected to continue to shrink. If only Republicans could show a little self-control with spending!

---The Federalist Patriot


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