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Democrats Shocked: Blair Kid to Intern with GOP All Power Corrupts...

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Ignore that Laffer Behind the Curtain

by Christopher Chantrill
June 27, 2005 at 11:33 am

DEMOCRATS ARE still holding their hands in front of their eyes refusing to believe in the supply side revolution, but the rest of us can take a look at the facts from government tax collections this year.

Supply side economics says that the critical factor in economic performance is the marginal rate of taxation, i.e., the share of your next dollar of income that the government demands. In the Bush 2003 tax cuts:

The capital-gains tax (for gains held at least one year) was cut to 15 percent from 20 percent while the maximum tax rate on corporate dividends was slashed to 15 percent from 38.6 percent.

This year, according to Michael T. Darda, there has been a “45.2 percent fiscal year to date surge in corporate tax revenues and [a] 35 percent jump in non-withheld (i.e., capital gains) receipts.” In any estimation, this has to be remarkable.

What´s that? Oh, of course, I agree Democrats. This surge in revenue just couldn´t be due to the supply-side Bush tax rate cuts. It just couldn´t be. No, there is no chance. Not a chance in hell. No, there must be another reason, a completely different reason. But whatever the reason is, it couldn´t be the result of a healthy expanding economy responding to the Bush tax cuts, the Bush tax rate cuts.

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Christopher Chantrill blogs at www.roadtothemiddleclass.com.  His Road to the Middle Class is forthcoming.


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Michael Novak, The Spirit of Democratic Capitalism


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©2007 Christopher Chantrill