“and they will reach a new high due to inflation and population growth”
It’s 2012, how your inflation theory doing since 2007?
Have the Fed’s had higher receipts yet?
It’s 2012, how your inflation theory doing since 2007?
Individual income tax revenues are estimated to surpass 2007 this year. In any case, you have a very interesting theory. In an earlier post, you proudly proclaimed:
In which year were the Federal Income Tax receipts the highest ever?
2007, under the Bush Tax Cuts.
So you seem to be saying that the record revenues in 2007 were due to the Bush Tax Cuts. What happened in 2008, did the magical effect of the tax cuts expire? No, we had a financial crisis led by the crash of the housing bubble. The record revenues in 2007 were very likely pumped up by this bubble, along with inflation and population growth.
If you think that tax cuts do increase revenue, accept my challenge. Tell me any specific numbers or conclusions in my analysis of the effect of tax cuts on revenues that you disagree with. Alternately, post a link to one serious economic study that purports to show evidence of any income tax cut that has ever paid for itself.