The Jersey Comeback...

[Dale Mabry]

Analyst says N.J. budget shortfall is growing by the month

I think I may have figured out why we can't balance a budget. We have a fiscal hawk, aka republican, whose budget is predicted to be short by $788 million by years end by a non-partisan budget guy. His office's response? Yeah, he's way off, we figure we will only be $676 million in the hole. So, with this debt being mostly driven by shortfalls in revenue predictions, he decides he wants to cut taxes by 10%, which will cost $183 million a year. We are truly fucked.

 

[Swiper]

Yeah because cutting taxes never increased revenue. Never happened, not even once.

 

[Zaphod]

Yeah because cutting taxes never increased revenue. Never happened, not even once.

Is there an instance where cutting taxes HAS increased revenue?

 

[Dale Mabry]

Yeah because cutting taxes never increased revenue. Never happened, not even once.

You are 100% correct, the Bush tax cuts have proven to be a huge windfall for our economy.

 

[custom]

You are 100% correct, the Bush tax cuts have proven to be a huge windfall for our economy.

wha-fucking-wha

 

[Swiper]

Is there an instance where cutting taxes HAS increased revenue?

According to historical tables published by the Office of Management and Budget, government revenue shot higher after the Bush tax cuts were enacted. Total federal government receipts rose from $1.782 trillion in 2003 to $2.567 trillion in 2007 — an increase of $785 billion, or 44 percent. In 2007, the federal deficit shrank to $160 billion

http://www.politisite.com/2011/07/19/fact-revenue-increased-by-785b-following-bush-tax-cuts/

 

[Zaphod]

According to historical tables published by the Office of Management and Budget, government revenue shot higher after the Bush tax cuts were enacted. Total federal government receipts rose from $1.782 trillion in 2003 to $2.567 trillion in 2007 — an increase of $785 billion, or 44 percent. In 2007, the federal deficit shrank to $160 billion

http://www.politisite.com/2011/07/19/fact-revenue-increased-by-785b-following-bush-tax-cuts/

Do yourself a favor and check facts before accepting claims as facts. From the Office of Management and Budget which your political site uses as the basis of their claims. We went from a surplus to a deficit under those tax cuts. Don't forget, politicians are counting on you to accept their claims as fact without checking on those claims. You swallowed the schtick hook, line and sinker.


Table 1.1—SUMMARY OF RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS (–): 2000–2008
(in millions of dollars)
Year Total
Receipts Outlays Surplus or Deficit (–)


2000 $2,025,191 $1,788,950 $236,241
2001 $1,991,082 $1,862,846 $128,236
2002 $1,853,136 $2,010,894 -$157,758
2003 $1,782,314 $2,159,899 -$377,585
2004 $1,880,114 $2,292,841 -$412,727
2005 $2,153,611 $2,471,957 -$318,346
2006 $2,406,869 $2,655,050 -$248,181
2007 $2,567,985 $2,728,686 -$160,701
2008 $2,523,991 $2,982,544 -$458,553

 

[Swiper]

Do yourself a favor and check facts before accepting claims as facts. From the Office of Management and Budget which your political site uses as the basis of their claims. We went from a surplus to a deficit under those tax cuts. Don't forget, politicians are counting on you to accept their claims as fact without checking on those claims. You swallowed the schtick hook, line and sinker.


Table 1.1—SUMMARY OF RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS (–): 2000–2008
(in millions of dollars)
YearTotal
Receipts Outlays Surplus or Deficit (–)


2000 $2,025,191 $1,788,950$236,241
2001 $1,991,082 $1,862,846$128,236
2002 $1,853,136 $2,010,894-$157,758
2003 $1,782,314 $2,159,899 -$377,585
2004 $1,880,114 $2,292,841 -$412,727
2005 $2,153,611 $2,471,957 -$318,346
2006 $2,406,869 $2,655,050-$248,181
2007 $2,567,985 $2,728,686-$160,701
2008 $2,523,991 $2,982,544-$458,553

Surplus to deficits because bush is and was a big govt republican who increased spending on a massive scale.

 

[Zaphod]

Surplus to deficits because bush is and was a big govt republican who increased spending on a massive scale.

Still you should go check out the data.

 

[Swiper]

Still you should go check out the data.

What about the Reagan tax cuts? They didn't produce more revenue?

 

[ALBOB]

We went from a surplus to a deficit under those tax cuts.

I'm pretty sure you're comparing apples to handgrenades.

Yes, the deficit went up, but not because of the tax cuts. The deficit went up because Bush's spending was out of control. That doesn't change the fact that after the tax cuts REVENUE went up. Bottom line: He had more to spend but, he spent more than he had.

 

[maxpro2]

You guys are idiots. I am going to preemptively agree with LAM.

 

[Dale Mabry]

wha-fucking-wha

You would say that the Bush tax cuts did what they were supposed to do, i.e., we are generating more tax revenue via an increase in the tax base?