PRES GEORGE BUSH Message Board

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Politics : PRES GEORGE BUSH

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To: geode00 who started this subject	2/11/2004 5:49:48 PM
From: geode00	of 944

WSJ: How the 2001 Surplus turned into the 2004 Deficit: From a chart in the WSJ article trying to explain the "technicals" of revenue shortfall. Technicals like moving income to capital gains, no taxation on pension and healthcare benefits, tax evasion, the admin's biz tax breaks, etc.... "U.S. Revenue Springs a Leak Costs of Health Care, Pensions Might Explain Shortfall Federal tax revenue has been falling short of administration and congressional projections, even after accounting for President Bush's tax cuts and the sluggish economy of recent years...." 2001 SURPLUS = $374b 2004 DEFICIT = $523b Difference: TAX CUTS - $287b TECHNICALS as above - $269b SPENDING INCREASE - $251b WEAK ECONOMY - $90b Numbers from the OMB and the Concord Coalition

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