Quote: the G-man said: Cutting taxes often leads to more, not less, revenue for the government.
Quote: the G-man said:
Federal tax receipts for October and November [2005] were $288 billion. This is up from the first two months of fiscal 2005 ($271 billion), 2004 ($254 billion), and 2003 ($244 billion).
Despite cutting tax rates in May 2003, tax receipts for this two-month period have risen for three consecutive years.
One year later, thanks to tax cuts, the deficit continues to shrink:
President Bush took a moment yester day to point with pride at a re election campaign promise kept: He vowed two years ago that his tax cuts would produce enough new revenue to cut the federal deficit by half in five years, and the latest figures show they've done just that - three years early.
It now stands at $247.7 billion - down from $520 billion in 2004.
And it's continuing to drop.
"These budget numbers are proof that pro-growth economic policies work," Bush said.
Employee compensation has been rising steadily since 2003, and in the second quarter of 2006, it grew faster than the rate of GDP growth for the first time since 2001.
