So, unless I’m not correct to be absolutely, positively, totally, 100% sure (but awfully close), our unfortunate liberal economist friends will have to answer some very uncomfortable questions after it all becomes official at 2:00 PM on May 10. Some of them will include:
- How can tax collections be going up so much when GDP growth during the past year hasn’t been anything special?
- Why haven’t the Bush tax cuts, especially the investment-related ones of 2003, led to the decreases in collections we predicted back then?
- Since Income and Employment Taxes Not Withheld have increased so dramatically, and because we know that this collections in this category primarily come from “the rich,” how are we going to break it to our friends in Congress and the Formerly Mainstream Media that we don’t have to “soak the rich,” because they are allowing themselves to get soaked already?
- What are we going to tell those soon-to-be-former friends in Congress and Old Media when they come to us and ask for projections of how much additional money can be collected if tax rates are increased, when we now know that what will increase revenues even more is another tax-rate CUT (see Ireland, Iceland, Hong Kong, and Estonia [third item at link])?
Monday, April 30, 2007
April Federal Receipts: Will it smash records?
BizzyBlog says he is "...not absolutely, positively, totally, 100% sure (but awfully close)..." that Federal Receipts in April will smash records: