Tuesday, October 30, 2007

Bush Rate Cuts Raises Taxes

“President Bush's 2003 tax cuts on income, capital gains and dividends … have raised federal tax receipts by $785 billion, the largest four-year revenue increase in U.S. history.
Fraom Wall Stree Journal OpinionJournal

These increases in tax revenue have substantially reduced the federal budget deficits. In 2004 the deficit was $413 billion, or 3.5% of gross domestic product. It narrowed to $318 billion in 2005, $248 billion in 2006 and $163 billion in 2007. That last figure is just 1.2% of GDP, which is half of the average of the past 50 years.”

Former Governor of Delaware PETE DU PONT Tuesday, October 30, 2007 http://www.opinionjournal.com/columnists/pdupont/?id=110010798


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