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September 23, 2005

Shock: The New York Time Agitates For Tax Increases

The American Thinker reports, essentially, that water continues falling to find its own level. More interesting is this observation, since we're on the subject of pork:

Tax cuts don’t create debt; overspending does. Based on current estimates, the federal government will bring in almost $2.2 trillion worth of income tax receipts in fiscal 2005. This is more than it received during the final stock market bubble year of 2000, and is guaranteed at this point to be an all-time high. If Congress spent the same this year as it did in 2000, there would be about a $400 billion surplus. Unfortunately, spending is estimated to be almost $700 billion more this year than in 2000 - a 39 percent increase. As tax receipts are coming in at a record level this year after two economic stimulus packages, it would be devoid of budget acumen to conclude that the projected $330 billion deficit is caused by anything but overspending.

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posted by Ace at 11:57 AM

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