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Politics : Politics for Pros- moderated
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To: Ilaine who wrote (160952)3/17/2006 11:48:28 AM
From: DavesM  Read Replies (1) of 793716
 
re:" was afraid you were going to do that, and tried to warn you against it. You can't lump all receipts together like that, because they go down in a recession, and up in a boom."

That's why I included State Income taxes collected - both total and for "individuals and households" with the Federal Income Taxes! If State Income Tax rates in the country did not drop as Federal Rates, then the difference in the growth (or decrease) in Federal versus State Income Taxes should reflect the Federal tax cut - even during a recession. My assumption, is that Federal changes in Income Tax rates (and collections) should not result in an immediate, significant change State Income tax collections.

You cannot deny that the recession of 1991 also brought on a reduction in the growth in personal consumption; Nor can you deny that the recession of 2001 had a smaller decrease in the growth of personal consumption than the previous recession. And personal consumption is by far and away the largest component in GDP.
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