Friday, August 28, 2015

GOP's CBO chief says: Tax Cuts don't pay for themselves!!!

So the good news is, the national economy did even better than anyone thought it could, and we’re just talking about the second quarter:
The U.S. economy grew more in the second quarter on larger gains in consumer and business spending.
Letting those Bush tax cuts expire worked wonders, allowing the wealthy pay a little more.

It also looks like Scott Walker is again benefiting from the national economic recovery. The state ended up taking in $71 million more than expected in the last budget year:
…up 0.5% over the previous projections … extra money is enough to pay the state's expenses for a little less than two days. Corporate income taxes were particularly strong last fiscal year.
The dependable Walker lackey’s...I'm sorry..."fellows," at the MacIver Institute were quick to make is seem like Walker's tax cuts, not the spending cuts, resulted in magic revenues:

Supply Side Myth Busted: And yet, just a few days ago, Republicans were betrayed by their own handpicked director of the CBO:
Reuters: The new Republican-appointed director of the Congressional Budget Office delivered some bad news on Tuesday to the party's "Reaganomics" devotees: Tax cuts don't pay for themselves through turbocharged economic growth.

"No, the evidence is that tax cuts do not pay for themselves," Keith Hall said in response to a reporter's question. "And our models that we're doing, our macroeconomic effects, show that."
But I've only scratched the surface here. You have to check out the numbers and their deceptive manipulation by Walker to believe the unbelievable. At Jake's Economic TA Funhouse,
Sorry MacIver, Wisconsin's tax cuts did not raise revenues

1 comment:

  1. Funny how MacIver left off that Wisconsin's increase in tax revenue fell short of the Walker Admin''s estimates by well over $100 million (check the DOR doc from Nov 2014), and that the increase in income taxes was less than half what the increase was for the US Treasury.

    In other wirds, we are lagging behind, and if it wasn't for a strong US recover in taxes and the stock market, we'd be totally screwed. #ThanksObama

    Jakes formerly of the LP