Wednesday, November 30, 2011

Bartlett on Revenue Declines from Bush Tax Cuts

This is a brief quote from a recent Bruce Bartlett article on Newt Gingrich. The article is a good read but I found this stat particularly useful:
For example, Republicans frequently assert that tax cuts, especially for the rich, generate so much economic growth that they lose no revenue. This theory has been thoroughly debunked, most recently by the tax cuts of the George W. Bush administration, which, according to C.B.O., reduced revenues by $3 trillion. Nevertheless, conservative groups like the Heritage Foundation (where I worked in the 1980s) still peddle the snake oil that the Bush tax cuts paid for themselves.

http://economix.blogs.nytimes.com/2011/11/29/gingrich-and-the-destruction-of-congressional-expertise/?partner=rss&emc=rss

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