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Politics : Formerly About Advanced Micro Devices
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To: Scumbria who wrote (130623)1/23/2001 6:44:29 PM
From: TimF  Read Replies (1) of 1577900
 
Let's talk again in three years when the deficit is back up to $300 billion. Bush's tax cut while require tax base growth upwards of 10% per year combined with stable interest rates, just to stay above water.

Ok we can talk again in three years but I doubt the deficit will be up to $300bil or even close. Bush's tax cut would not require tax base growth beyond 10% a year because it does not cut taxes 10% a year or even close to that much. The biggest % cut in the tax rate is for those in the lowest bracket, they get there tax rate reduced 33% from 15% to 10%. Over 10 years that an average of 3 1/3% per year not 10%. All other tax brackets get a lower percentage reduction in their tax rates. (for example my rate will go down by about 10% total not per year every year). True the rate cuts are not the entire tax cut, but the rest still does not add enough to require 10% a year increase in the tax base or to result in a $300bil deficit without a reduction in the tax base.

To look at it another way, the tax cut is usually called a $1.6bil tax cut. $1.6bil over 10 years amounts to a reduction of less then .1% of total federal revenue over the next 10 years. Hardly enough to require a 10% increase in the tax base per year (more like a .01% increase in the tax base per year). It amounts to a tiny tax cut.

Tim
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