Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Don't Blame Me, I Voted For Kerry -- Ignore unavailable to you. Want to Upgrade?

To: Bearcatbob who wrote (15886)	4/18/2004 9:19:14 PM
From: CalculatedRisk	Respond to of 81568

Now I'm puzzled. The numbers from the WSJ article were (as I wrote them down): "U.S. Revenue Springs a Leak" 2001 SURPLUS = $374b (1) 2004 DEFICIT = $523b Difference: Individual Tax cuts: $287b Technicals: $269b (2) Spending Increase: $251b Weak Economy: $90b (1) The WSJ includes SS surplus in the annual surplus / deficit. I calculate the deficit based on the increase in the National Debt. (2) "Technicals" (their term) include business tax breaks, moving income to capital gains, costs of health care / pensions, etc. I checked with the IRS site, and it looks like individual income tax declined $191 Billion annually from fiscal 2001 to 2003. That would include both the tax cuts and the weak economy. SOURCE: irs.gov So the WSJ's estimate of the individual tax cuts contributing $287 Billion to the deficit in fiscal 2004 might be a little high. Still, I would think rolling back the tax cuts for the top 2% would contribute more than $250 Billion over 10 years. I will try to find the WSJ article and so if I made a mistake.