Economics of Taxation

Two important posts today from the Club for Growth...

A quote from a "raging right winger"

Our true choice is not between tax reduction, on the one hand, and the avoidance of large federal deficits on the other...[A]n economy hampered by restrictive tax rates will never produce enough jobs or enough profits...It is a paradoxical truth that tax rates are too high today and tax revenues are too low, and the soundest way to raise revenues in the long run is to cut rates now."

That apostate of liberalism slept with Marilyn Monroe.

No, not Joe Dimaggio.

President Kennedy, in a 1962 speech.

And then this, about the booming economy you've never heard of.

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$14,374,330,000,000	Total Increase in Household Wealth Since April 2003
$5,700,000,000,000	Total Increase in Shareholder Wealth Since May 20, 2003
$863,654,000,000	Total Amount of Tax Cuts Enacted Since Fiscal Year 2003
$783,890,000,000	Total Amount of Additional Tax Cuts to be Returned to Taxpayers Through 2010
$625,000,000,000	Total Increase in Federal Tax Revenues Since FY 2003
$207,788,000,000	Reduction in the Deficit in the Past 29 Months Due to Stronger Economic Growth
$98,600,000,000	Combined Income Gains for Shareholders From Dividend Increases & Tax Savings 03-05
$62,000,000,000	Surplus of Capital Gains Tax Revenue Not Accounted For By Revenue Estimators
$60,000,000,000	Deficit REDUCTION Since the Tax Cut Was Signed Into Law
300,001,643	Total Number of Americans benefiting from President Bush’s Tax Cut
91,000,000	Number of Individuals Owning Shares of Stock in America
23,000,000	Number of Small Businesses Benefiting from Income Tax Reductions
6,600,000	Number of Jobs Created Since the Tax Cut Was Signed Into Law
12,000	The Magic Number of the Dow Jones Industrial Index is an Arms Length Away
$2,092	Tax Increase for a Family of Four With $50k of Income if Tax Cuts Are Repealed
200	Number of House Members Who Voted Against This Growth Generating Tax Cut
50	Number of US Senators Who Voted Against This Growth Generating Tax Cut
25	Number of Years Dividend Paying Companies Declined Prior to the 2003 Tax Cut
164.0%	% Increase in the Dividend Tax Rate if the Income and Dividend Tax Cuts Expire
123.0%	% Increase in Dividend Income and Share Repurchases Since 2003 Tax Cut
91.0%	% Increase of Stock Ownership in the Bottom Quintile of Income Distribution Since 1995
74.0%	% Increase in S&P 500 Companies Boosting Their Dividend Since 2002
65.0%	% of Voters Who Were Investors in the 2004 Elections
51.2%	% of Total Tax Cut "Cost" That Has Been Recouped From Higher Levels of Growth
14.0%	% Margin of Victory for Republicans From Investor Voters in 2002 Elections
4.6%	Unemployment Rate Which Continues To Disprove the Constant Economic Pessimism
3.7%	% Average Quarterly GDP Growth Since Tax Cut Was Enacted (long run average is 3.3%)

Economics and Markets Posted by AlexC at October 18, 2006 1:55 PM