Mood: party time!
Democrats hate reality, more than George W. Bush because reality belies everything they believe in... Bush Tax Cut Worked Better Than Expected ‡ BEGIN TRANSCRIPT RUSH: (Wall Street Journal) "The Federal government ran a monthly budget surplus of $118.85 billion in April as tax receipts came in stronger than the same period last year." In fact... (AP) "A flood of income tax payments pushed up government receipts to the second-highest level in history in April, giving the country a sizable surplus for the month. In its monthly accounting of the government's books, the Treasury Department said Wednesday that revenue for the month totaled $315.1 billion as Americans filed their tax returns by the April deadline. The gusher of tax revenue pushed total receipts up by 13.4% from April 2005." Now, a question. How can this happen? How can this happen when we had tax cuts? How can it possibly happen when we have had tax cuts, ladies and gentlemen? Well, it happens because of the way we've always told you it happens: Tax cuts produce more revenue because they create more jobs equaling more taxpayers, and more taxpayers contribute more tax revenue while the aggregate tax payment per person comes down. It works every time it is tried, if the top rate that you are reducing is not too low. You reach a point where you are not going to raise revenue if your tax rate is zero. There is a formula for this. It obviously works, especially with capital gains coming down to 15%. So this leads me to another question. What do liberals hate more than our president? Now, I'll give you a hint: it is one word. I'll give you another hint: it begins with "R." No, it is not Rush. It is not me. It has seven letters. Liberals hate more than our president, one word. It begins with "R", and has seven letters. Don't bother figuring it out. I'll tell you. What liberals hate more than our president and me is R-E-A-L-I-T-Y. The tax cuts worked, and according to today's media, the Wall Street Journal and others, they worked better than advertised. Yet, only 15 Democrats in the house broke ranks with Pelosi and supported the extension of these tax cuts! Only three in the Senate! Only three Democrats broke ranks and supported the extension. Despite the evidence, the liberal rally cries the tax warfare cry. "Tax cuts favor the rich."
It turns out tax cuts favor the economy. Tax cuts favor the employment figures. Tax cuts work! Reality sets in. What is the left going to do but try to continually rewrite history. You know how they are doing it? ABC sent one of their Good Morning America reporterettes out there to some mall. Her name is Kate Snow. They sent her out there waving a $20 bill, claiming $70 billion tax cut would only represent a $20 tax cut to the kind of people that run around in the malls, and then they went out and found a Democrat who just conveniently was able to mouth Democrat talking points! Yes, well, these tax cuts only favor the rich." I swear, folks, tax cuts favor the country and they favor the economy. Let me give you a hint. If you are going to get a tax cut, you have to be paying taxes, and the more in taxes you pay, the bigger your tax cuts are going to be. It's a hard fought mathematical calculation to make, but if you're not paying many taxes to begin with, you are not going to get a huge tax cut and we know -- you can go to my website, the statistics are always there. You can take a look at who is paying the lion's share of taxes in this country. It is impossible to not have those people get a tax cut if you are going to have a tax cut! END TRANSCRIPT Read the Background Material... (WSJ: U.S. Recorded a Budget Surplus in April)
(NB: Profiles in Class Warfare: Kate Snow Flashes $20 to Demagogue Tax Cut)
(AS: Wild on the Supply-Side)
(WSJ: Senate Set to Pass Tax-Cut Bill)
(NRO: Extending the Boom)
(Washington Post: GOP Hopes for Boost From $70B Tax Cut) Only the Rich Pay Taxes!
The Top 50% pay 96.54% of All Income Taxes
The Top 1% Pay More Than a Third: 34.27%
(New EIB Numbers Breakdown...here)
(IRS Excel: Latest Data Calendar Year 2003)
(NY Times Buries Truth on Taxes: tscript)
(CBO Report: Effective Federal Tax Rates Under Current Law, 2001 to 2014)
(CY 2001 Posted Forever: here)
(Myth Buster: Democrats Get More Campaign Cash from "Rich")
*Note: Links to content outside Rush Limbaugh.com usually become inactive over time. Rush Limbaugh.com ** Bush Tax Cut Worked Better Than Expected