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"Tax rates were cut under Bush, revenues went up." [View All]

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hfojvt Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-22-08 10:14 PM
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"Tax rates were cut under Bush, revenues went up."
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Just saw McCain saying that in New Hampshire and played on Olbermann. Never mind the slip of the tongue, what he said is flat out wrong - either he is lying or ignorant or misinformed or some combination.

Income tax revenues in billions of current dollars
2000 - 1,004.5
2001 - 994.3
2002 - 858.3
2003 - 793.7
2004 - 809.0
2005 - 927.2
2006 - 1043.9

Rates were cut in 2001 and in May of 2003 and revenues did not go up until 2005 and that was only after they had gone down over $200 billion over 3 years.

McCainites might say 'aha, revenues went up in 2005, and also in 2006'. Well, it is easier to go up after going down. Tax revenues typically go up as the economy grows. The economy has not been good under Bush, but it has still grown. Tax revenues have not. Tax revenues were 10.23% of GDP in 2000, 9.82% in 2001 and down to 6.89% in 2004. If tax revenues had stayed as high as 9% of GDP, they would have looked like this

2002 - 944 (vs 858.3 actual)
2003 - 990.7 (vs. 793.7)
2004 - 1056.7 (vs. 809)
2005 - 1127.6 (vs. 927.2)
2006 - 1192 (vs. 1043.9)

A cummulative deficit of $878.9 billion. Again, McCain was flat wrong - either lying, ignorant or misinformed or some combination thereof. Readers might be just as misinformed, but are not running for President and not standing in front of crowds or going on TV and spreading misinformation.
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