Interesting — if erroneous — editorial in the WaPo today entitled, “Down is Still Up“, continuing their jihad against tax cuts — the same tax cuts we know fueled the recovery, the tax cuts that spur investment. In the second paragraph is this:
“In a speech Thursday, [Chair of the White House Council of Economic Advisers Edward P.] Lazear contended that ‘low taxes are consistent with rising federal revenues, which helps bring the deficit down.’ This deliberately implies that low taxes cause a rise inf federal revenue, even though they don’t.”
Ah, but WaPo editorial writers, they do. Maybe you guys need to start subscribing to — or at least reading — the Wall Street Journal. On the front page of yesterday’s Journal is an article entitled, “Their Income Up, U.S. Rich Yield a Tax Windfall,” Subtitled in part, “Surging Receipts Prompt Lower Deficit Projections…” Pretty much sums it up.
In the Journal article is this, directly rebutting the Post’s claim:
“The Treasury reported last week that tax receipts in April jumped 13.5% from a year earlier to $315 billion….The [Congressional Budget Office] said earlier this month that it expects the budget deficit for the fiscal year ending Sept. 30 to be significantly narrower than $350 billion, an improvement over its previous $371 billion projection… Corporate income tax receipts are up $40 billion, or almost 30% so far this year, well above the CBO’s projected 9% increase.”
So in other words, Ed Lazear was right in the first place:
” Low taxes are consistent with rising federal revenues, which helps bring the deficit down.”
Maye the WaPo oughta contract out its fact checking to the Wall Street Journal.
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