Ladies and gentlemen, good things have been going on all over this great nation of ours. The economy is booming. This is an economy far stronger than the previous boom during the 90s. During the 90s, much of the economy was based on corruption (Enron, Tyco, WorldCom, etc.). Of course, capitalism doesn’t reward corruption, and thus these companies and others were exposed without government intervention. Our economy has been cleaned on a large scale of these types of practices for the time being. Our economy is on firmer ground now due to these events. Mix that with Bush’s tax cuts and pro-growth policies, and we have an economy that rivals that of the 90s. Companies are growing and jobs are being added to the economy (as of late April, I have first hand experience with that fact). However, in all this good news, there must be some more good news.
In fact, there is more good news. Although we rarely think on the subject, tax revenue is based on the economy. Tax revenue increases and decreases in proportion to the state of the economy. The Treasury Department said on Wednesday that revenue for April totaled $315.1 billion as Americans filed their tax returns by the April deadline. This geyser of tax revenue represents a total increase in receipts of 13.4% from April of 2005. On the whole, this represents a budget surplus for the month of April on the federal level. But folks, there is more. Since October 1, 2005, the federal government has received a total of $1.35 trillion, up 11.2 percent from the same time period a year ago.
See what happens when you “give tax cuts to the rich.” I would like to say something about this whole scenario. There is something ironic about giving tax cuts to the rich. The rich pay the most taxes. Thanks to our system of proportionate taxes based on your income, those who make more money pay more taxes, while those who make little income pay very few taxes. Therefore is it any wonder than when we have a tax cut, the rich get more money than the poor in returns? They paid more, they should get more back. Another facet of this people forget is that businesses are taxed. Sole proprietorships, partnerships, corporations, and other forms of business are all taxed by the government for existing. These entities are considered in the government’s eyes as rich. Therefore, it’s not just Bill Gates, Steve Jobs, and Nancy Pelosi who are given big rebates on taxes. It’s also Microsoft, Apple Computers, and Target who get large returns on taxes. Added to all the general public who get returns from the government, and you have a massive increase in disposable cash that can be spent, invested (my favorite), or used in any other way someone or something sees fit.
Want some evidence of this fact? Read the third paragraph again (and again if necessary). Tax cuts work. There can be no doubt about this fact. Just think about it in common sense terms. If you get $300 extra dollars legally (let’s keep it clean here), what are you going to do with it? Are you going to burn it? No, you’re going to spend or invest or save that money. In any case, someone else is going to benefit, whether it is Wendy’s where you bought a #1 (Biggie size, no onion, no tomato, with a Sprite), Continental Airlines when you invest in their stock, or Bank of the West when you open a savings account.
Tax cuts simply work because returning people’s money makes them use more money in the end. It is a shame liberals don’t understand this simple principle.
In fact, there is more good news. Although we rarely think on the subject, tax revenue is based on the economy. Tax revenue increases and decreases in proportion to the state of the economy. The Treasury Department said on Wednesday that revenue for April totaled $315.1 billion as Americans filed their tax returns by the April deadline. This geyser of tax revenue represents a total increase in receipts of 13.4% from April of 2005. On the whole, this represents a budget surplus for the month of April on the federal level. But folks, there is more. Since October 1, 2005, the federal government has received a total of $1.35 trillion, up 11.2 percent from the same time period a year ago.
See what happens when you “give tax cuts to the rich.” I would like to say something about this whole scenario. There is something ironic about giving tax cuts to the rich. The rich pay the most taxes. Thanks to our system of proportionate taxes based on your income, those who make more money pay more taxes, while those who make little income pay very few taxes. Therefore is it any wonder than when we have a tax cut, the rich get more money than the poor in returns? They paid more, they should get more back. Another facet of this people forget is that businesses are taxed. Sole proprietorships, partnerships, corporations, and other forms of business are all taxed by the government for existing. These entities are considered in the government’s eyes as rich. Therefore, it’s not just Bill Gates, Steve Jobs, and Nancy Pelosi who are given big rebates on taxes. It’s also Microsoft, Apple Computers, and Target who get large returns on taxes. Added to all the general public who get returns from the government, and you have a massive increase in disposable cash that can be spent, invested (my favorite), or used in any other way someone or something sees fit.
Want some evidence of this fact? Read the third paragraph again (and again if necessary). Tax cuts work. There can be no doubt about this fact. Just think about it in common sense terms. If you get $300 extra dollars legally (let’s keep it clean here), what are you going to do with it? Are you going to burn it? No, you’re going to spend or invest or save that money. In any case, someone else is going to benefit, whether it is Wendy’s where you bought a #1 (Biggie size, no onion, no tomato, with a Sprite), Continental Airlines when you invest in their stock, or Bank of the West when you open a savings account.
Tax cuts simply work because returning people’s money makes them use more money in the end. It is a shame liberals don’t understand this simple principle.
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