April 26, 2007
Downsides of Cutting Taxes
More taxes collected.
Weird, I know.
The department says the [federal] government took in nearly 49 (b) billion dollars yesterday. It represents in large part the amount individuals paid to cover taxes owed on their 2006 returns.The old record for a single day of individual tax collections was 36-point-four (b) billion dollars set on April 25th of last year.
The latest collection of tax receipts continues a trend of recent years in which a strong economy has pushed both individual and corporate taxes to record levels.
Naturally more money in the federal coffers doesn't guarantee smarter spending, but hey, it's less out of my pocket. Economics and Markets Posted by AlexC at April 26, 2007 11:16 AM
It amazes that some of the economically-literate Democrats like Rep. Barney Frank or some of the think-tank guys have not figured out the best way to get more money for their progressive vision is to embrace some supply-side principals.
Posted by: jk at April 26, 2007 12:58 PM"I do not think that word means what you think it means."
Noone can be described as, "economically-literate," who does not believe in the power of free markets.
Posted by: dagny at April 27, 2007 9:40 AMI hear you. But you watch Rep. Frank on "Kudlow & Company" and realize that he does understand the benefits of the free market, and that he is very intelligent.
He is so beholden to Democratic self-interests that he has to toe the line (See Kim Strassel's column on his gift to the tort bar in the subprime hearings), but under there he knows.
Posted by: jk at April 27, 2007 2:54 PM | What do you think? [3]