Posted on 03/09/2008 12:00:47 PM PDT by kellynla
“Ben—normally a smart guy—is an IDIOT on taxation.”
Exactly. Ben should sit down and debate Larry Kudlow and explain his comments about how tax revenues fell after the Bush tax cuts. They would have fallen even more without the tax rate cuts. Ben denies the Laffer curve and must use static forecasts. Like any liberal, he assumes tax cuts do not affect people’s choices, therefor higher rates would have returned even higher revenue. That is patently false. Even in the short-term, there was a lot of capital gains taxes paid by people who otherwise would have simply held their stocks rather than selling them. They sold to take advantage of a 15% cap gains rate, rather than hold and risk a higher tax rate being applied later.
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