Runaway Spending, Not Tax Cuts Causing Deficits
Posted on February 1st, 2005 in General, Economics by tavaresforby ||
The Congressional Budget Office (CBO) shows that runway spending is causing today’s budget, not President Bush’s tax cut. CBO estimates that federal tax revenues will total $2.057 trillion for fiscal year 2005, which is $177 billion more than collected last year (a 9.4 percent increase) and $66 billion more than collected in fiscal year 2001 (a 3.3 percent increase), which was former President Bill Clinton’s last fiscal year.
Looking at the revenue and spending patterns over the past four years clearly shows that President Bush’s tax cut is not the reason for today’s deficit.
By contrast, the total federal spending has increased $562 billion since fiscal year 2001.
February 1st, 2005 at 11:20 am
None of this is an augument FOR tax cuts. Still doesn’t make sence to have them when our need for the reneue seems to be so great.
February 1st, 2005 at 2:04 pm
BH,
Still doesn’t make sence to have them when our need for the reneue seems to be so great.
President Bush’s tax cut generated more federal tax revenue. So why do you say it doesn’t make since to have them if you agree we need more federal tax revenue?
February 1st, 2005 at 3:00 pm
How can you say that the tax cuts generated more federal tax revenue? If the tax cuts were not enacted, would the tax revenue have been increased? All that can be said is more federal tax revenue was collected. There are multiple reasons why the revenue was increased, not just becuase of a tax cut.
For example, very few (if any) employers hire additional staff because of a tax cut alone. Employers hire workers because of a need to generate more output. If the tax cut was not enacted, would the employer’s requirement for increased output been less?
February 1st, 2005 at 4:20 pm
Tavares,
That doesn’t seem to hold water considering the poor job growth in the US.
EG hit it on the head. People spend money when they have money. Businesses hire when they see people are spending money. If the relief was targeted at consumers instead at business, things would be much better for everyone. This is not a new concept. Economist watch retail numbers closely because it leads the way up in bull and leads the way down in a bear.
February 1st, 2005 at 5:15 pm
February 1st, 2005 at 7:57 pm
How can you say that the tax cuts generated more federal tax revenue? If the tax cuts were not enacted, would the tax revenue have been increased? All that can be said is more federal tax revenue was collected. There are multiple reasons why the revenue was increased, not just becuase of a tax cut.
First, I am not claiming that Bush’s tax cut is the ONLY reason for the increase of federal tax revenue. But I would say it is helping greatly. I am pretty sure other strong aspect of economics plays into the part for more generated federal tax revenue. For example, low interest rates on money.
Second, lets stick to the arguments:
* The Congressional Budget Office (CBO) shows that runway spending is causing today’s budget, not President Bush’s tax cut.
* Looking at the revenue and spending patterns over the past four years clearly shows that President Bush’s tax cut is not the reason for today’s deficit.
That doesn’t seem to hold water considering the poor job growth in the US.
The unemployment rate is only about 5.4 percent, which is about the lowest in the world and about the lowest unemployment rate in US history. So, how can you have a strong growth rate with these numbers?
People spend money when they have money. Businesses hire when they see people are spending money. If the relief was targeted at consumers instead at business, things would be much better for everyone.
Also, keep in mind that businesses expand with the extra money that they save and cutting taxes saves money. Expanding a business then leads to hiring more people. Hiring more people than leads to more tax revenue.
There are many scenarios in California were companies move out of state because of the high cost to keep their business up. Taxes are one of the major contributions to high cost.
February 1st, 2005 at 8:55 pm
I agree with your bullets. But you cannot jump to the assumption that tax cuts ‘greatly’ increased federal revenue. That assumption cannot be made from the bullets you have presented.
The Government could also increase revenue by increasing taxes. Or using your assumption, if the Government lowered taxes to 1/2% flat rate, the revenues would skyrocket.
Direct tax cuts is one method to save money for a business. Offering tax credits for new equipment (which provides greater efficiency) is another method. But new equipment would increase productivity only for those industries that manufacture products (or where equipment is a large expense) but not necessarily help personal service industries.
If you asked most employers, lowering the cost of health care would be a greater benefit than direct tax cuts.
California also has excessive regulations that employers must follow, adding to the cost of doing business. But I doubt most residents would wish pollution standards lowered.
February 2nd, 2005 at 9:17 pm
Here is an interesting tid bit of information: after Clinton pushed through a rise in taxes, the “government deficit” fell.
In the end, no one should trust the government numbers because of accounting gimics.
February 3rd, 2005 at 1:02 am
Here is an interesting tid bit of information: after Clinton pushed through a rise in taxes, the “government deficit” fell.
Go figure when you increase revenue you can reduce your debt. Amazing.
Also, keep in mind that businesses expand with the extra money that they save…
No they don’t. Business expands to capitalize on opportunity for sales, revenue, or market share. If those opportunities aren’t there they will put it in the bank until opportunity arrives. If a McDonald s puts 3 people at the counter when two is enough, that store waisted its money. All that being said… yes I concead your original point. The deficit is cause by runaway spending. BUT tax cuts don’t help.
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