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I think everybody has a wish list for waht the President should do in the next debate. Tax cuts should be a strong point for him. You know Kerry will say all the tax cuts from the rich have taken money away from homeland security, health care ect. President Bush can say our tax cuts began to take effect in 2003. And the rich as you define them sir, I'd like to call them job creators, are paying more in taxes this year than they did in 2003. Buy eliminating the tax cuts for entreprenuers, you will punish the middle class and the working poor. You will kill jobs. And the about of tax revenue from the upper income brackets will fall. We'll lose money for homeland security, we'll lose money for health care and education reform if we repeal the tax cuts.
Kerry will come back and say this is fuzzy math. But Bush can come back and say that it's the truth. He inheirted the Clinton dot-com recession. It was made worse by the events of 9/11. As jobs were lost revenues went down. Spending continued to go up because we need to win the war on terror. We needed education reform, and prescrition drug reform. So that's why the deficit has climbed.
But a funny thing has happened since 2003. Our tax cuts are finally taking effect. We know this because jobs are being created, incomes are rising. The poor and the middle class have opportunities that seemed out of reach during the clinton Recession. incomes are rising for the working poor and the middle class. And the entrepreneurs are also experiencing increased prosperity. Tax rates may have fallen for the job creator, but because the economy is growing at the fastest rate in 20 years, they are paying more in taxes than a year ago.
Anyway this would be a nice opportunity to explode the myth that we have to pay for tax cuts. No, if they are done correctly, like Kennedy and Reagan's tax cuts, they are revenue generators.
God bless everyone. Jim