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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth
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To: jttmab who wrote (51152)6/27/2005 1:24:21 PM
From: longnshort  Read Replies (2) of 173976
 
  The tax issue
    It's not too soon for President Bush to pivot away from the Social Security issue and "start recapturing the Reaganite high ground of tax cuts and economic growth and opportunity," the Weekly Standard says in an editorial written by William Kristol.
    "He can do that in two easy and obvious ways," Mr. Kristol said.
    "First, he can make clear that his tax cuts worked. The 2003 cuts in personal income [tax] rates, and in the tax rates on dividends and capital gains, have helped produce economic growth of better than 4 percent a year -- as non-tax-cutting European economies have stagnated. Unemployment here is down to 5.1 percent, while it remains 10 percent or more in Germany and France. The Dow is up by about 24 percent since May 2003, and capital spending by business is up some 22 percent.
    "And tax revenues are up. As Stephen Moore has pointed out in the Wall Street Journal, the supply-side Laffer curve has worked. Federal tax receipts are up by over 15 percent so far this fiscal year -- and state tax receipts are up 7.5 percent. Individual and corporate receipts are up some 30 percent in the two years since the tax cut. The budget deficit looks as if it will be down by some $60 billion this year.
    "It's a Bush administration success story. They should tout it. Usually politicians seek to forget -- and to have others forget -- their failures. In this case, the Bush administration has forgotten to take credit for its successes. Tax cuts have been orphaned. But it's never too late to remind the American people that Republicans pushed through, and the Democrats opposed, tax cuts.
    "And then the president can ask that the tax cuts be made permanent. Start the drumbeat slowly, build up a bit in the fall, and then you've laid the groundwork for a strong State of the Union in January: Insist that Congress' top 2006 agenda item be to make the cuts permanent. Assuring the permanence of the tax cuts would provide a tonic for the stock market, and for investor and consumer confidence. It would also be a much-needed tonic for the Republican Party."
    
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