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Ear to the Ground

Report: Tax Cuts Don’t Pay for Themselves

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Posted on Mar 10, 2006

Center on Budget and Policy Priorities:

In recent statements, the President, the Vice President, and key Congressional leaders have asserted that the increase in revenues in 2005 proves that tax cuts “pay for themselves.” In other words, the economy expands so much as a result of tax cuts that it produces the same level of revenue as it would have without the tax cuts.

President Bush, for example, commented in a February 8 speech, “You cut taxes and the tax revenues increase."[1] Similarly, Vice President Cheney has claimed, “The tax cuts have translated into higher federal revenues."[2] Majority Leader Frist wrote that recent experience demonstrates, “when done right, [tax cuts] actually result in more money for government."[3] The Vice President also has stated, “The evidence is in, it’s time for everyone to admit that sensible tax cuts increase economic growth and add to the federal treasury."[4]

In fact, however, the evidence tells a very different story:  the tax cuts have not paid for themselves, recent economic growth and revenue growth have not been particularly strong, and revenues remain lower than had been predicted before the tax cuts were enacted.

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By Jackie, March 14, 2006 at 1:09 am #
(Unregistered commenter)

The tax cut haven’t paid for themselves? Revenue hasn’t grown? YOU DON’T SAY! That’s why so many OPPOSED them in the first place! Any first grader could have told them their math was garbage!

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By onevoice, March 10, 2006 at 3:02 pm #
(Unregistered commenter)

First,I would like to see all the names, credentials and political affiliations of the persons in this “non-partisan think tank”. Then I can decide whether to even waste my time discussing thier report.

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By felicity smith, March 10, 2006 at 10:03 am #
(Unregistered commenter)

So, if I REDUCE my yearly income my bank account will grow and my standard of living will rise?  Obviously, I do not understand economics because that’s just plain horse pucky.

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