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A Trillion Reasons to be Happy
The CBO has released new numbers. These numbers show that economic growth has trimmed a trillion dollars off the deficit over the next ten years! Boy, that tax cut is working out to our benefit! The elite left still flutter about, ruminating about a non-existent horrible economy, and of unemployment being cut by low-paying jobs (without any actual factual evidence, of course). However, every time one turns to look at the facts, they scream out the truism that the tax cuts have stimulated the economy.
Will this continue? My money says Yes. Why? As the economy grows, more companies profit. As they profit, they pay taxes on those profits. Result: Increased government revenue. As these prosperous companies hire more and give larger raises, the employees pay more taxes. Result: Increased government revenue. As these people, due to the lower marginal rate of taxation, have more disposable income, they dispose of it by spending it. Result: Increased government revenue.
"Liberals hatefully deride lower taxes because the lower rates foster personal independence and a brighter outlook on life."
Liberals hatefully deride lower taxes because the lower rates foster personal independence and a brighter outlook on life. As Rush Limbaugh has repeatly taught us, liberals need people to be pessimistic in order to survive. We need to "sacrifice" in order to help the downtrodden; we need to cede our rights to the government so they can make life better for the oppressed; we need to pay higher taxes so the government can pay the non-working poor to continue to not work.
This insanity is wholly unsupported by economic evidence. Income taxes penalize the productive. These penalties remove the incentive to produce. In fact, the tax rates going higher as one is more productive is an additional penalty placed on those who work hardest and produce the most, or as John Kerry calls these hard workers, "the winners of life’s Lotto." Liberals want to keep the economy at just the level to keep people at or slightly above subsistence level, so that people are dependent on the government for all of their needs and wants. Lower taxes not only de-fund the liberals’ grandiose plans to make you dependent on their benificence, they completely eradicate any desire for people to be dependent. As people work for themselves and earn, they see the benefits of earning. Why do you see hundreds of thousands of small businesses start every year? People do not want to be dependent. We used to call this spirit the "American Dream;" well, actually, liberals, when they were in power, held out a Quixotic "American Dream" as they simultaneously worked to make it impossible.
A decade of GOP congressional control has changed things. Now with a GOP president and a mandate backing him, we can expect that the changes will continue. Social Security reform turns a tax into a true savings plan. And as to the elite left’s crying about $2 trillion in unfunded transition expenses, we chopped a trillion off the next 10 years’ deficits. Doesn’t that mean that we’re halfway toward paying off that transition expense without increasing taxes or deficits? If economic growth continues at the present rate, six years from now, we’ll be funding the transition and still running a surplus. This does not take into account the economic growth that will come from the hundreds of billions of new capital dollars that will go to big business.
So, we have a trillion more reasons to celebrate!