Wednesday, September 20, 2006

Deval Patrick Just Says No To Tax Cuts, But...

...meanwhile, the Bush tax cuts have generated more revenue than ever for the federal government:

The U.S. government just recorded record high tax revenues on the September 15th quarterly deadline date for business tax payments. It turns out that total receipts were a booming $85.8 billion. Treasury Undersecretary Randal Quarles said Friday’s numbers provided a “continuing demonstration of the strength of the U.S. economy.”Actually, overall tax revenues for that day, including personal taxes and payroll taxes, were the largest in a single day in the nation’s history. Twenty percent above a year ago according to Quarles.

Gee, wouldn't it be great if Massachusetts economic growth could do the same for us? But does anyone believe a Governor Duval is going to IMPROVE the business climate in Massachusetts?

Meanwhile, it also turns out that the Bush tax cuts have also generated more of what Deval Patrick would call "social justice," i.e. "punishing the people who work hard and are successful. As the Tax Foundation reports:

  • Effective tax rates have fallen for every income group
  • The greatest reduction in tax burden has been for low-income Americans, while the tax burden for the wealthiest has increased almost across the board
  • Since 2000, an additional 14 million taxpayers in the low-income groups pay no federal income taxes at all
  • The new data show an increase in Americans who, in addition to paying no federal income taxes, also receive money back from the IRS
Don't believe me, my Kool-aid drinking friends? Read the numbers for yourself.

UPDATE! Deval isn't the only Democrat who wants to stick it to the taxpayers. Congressman Charlie Rangel--who would take over the Ways and Means Committee if the Dems take the House--wants to get rid of EVERY one of the Bush tax cuts above. Guess he's against higher revenue and the wealthy paying more...