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Looks like tax cuts do actually bring in more money, and when things are going good in the economy - EVERYONE makes more money, even the US Treasury. Maybe the push to get out of Iraq is more for selfish reasons than for saving lives. No...the left would never want more of our money.
[i]The Democratic presidential candidates repeat ad nauseam that the Bush tax cuts of 2001 and 2003 have caused massive deficits, and therefore taxes should be raised to pre-2001 levels. But what will they say now that Congressï¿½??s revenue forecast has been raised by $700 billion over ten years, presaging a balanced budget and even surpluses in the near future as long as the U.S. military gets out of Iraq soon?
The Congressional Budget office, in its August update to its revenue and outlay projections, has caught up with the reality already long recognized by the White House Office of Management and Budget. American taxpayers are already doing more than their part to fund our massive and unwieldy government. CBO has revised anticipated revenues upward by almost $700 billion over what was previously expected, thanks mostly to strong corporate profits. So if the government is in surplus and weï¿½??re out of Iraq by 2010, are the Democrats still going to insist on raising tax rates to their pre-2001 levels if we have a government surplus?
The March revenue projection had already forecast a $586 billion surplus over ten years, assuming that the Bush tax cuts expire. The August revision, however, forecasts a new, additional $691 billion in revenues. That would make for a $1.3 trillion surplus between now and 2017.
There is a catch -- sort of. The new forecast adds a lot of extra spending, because it assumes that we will still be spending over $100 billion every year in Iraq through 2017, plus interest. The net result of the new revenue and that assumption -- which is absurd but also required under under the non-partisan CBOï¿½??s arcane rules -- is that the governmentï¿½??s hole has gotten larger by $343 billion.
But of course, we wonï¿½??t be in Iraq forever, so the fiscal picture is suddenly looking a lot better for after we leave. The coming battle will be whether the Democrats, assuming theyï¿½??re in power three years from now, will still insist on raising taxes in spite of the ï¿½??peace dividend,ï¿½?? perhaps so that they can use the money for new pork and social spending.[/i]