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Tuesday, April 11, 2006

Tax Cut Magic- One Of Life's Mysteries

Jack Kemp explains how the Congressional Budget Office continually misunderestimates the impact of tax cuts or increases on growth and revenue. For the umpteenth time, cutting capital gains and dividend rates stops the wealthy from investing in tax shelters and rewards them for investing in revenue-enhancing stocks. Instead of the government losing $20 billion, the tax cut increased revenues by $87 million.

Just as people who understand dynamic scoring said it would. But, do not just believe Jack Kemp or me. Try reading JFK, Abe Lincoln and others who understand human nature.

Some of you may be willing to trade economic growth, a 4.7% unemployment rate and increased revenues for higher taxes upon the rich. That would sooth your emotions. However, writes Kemp:

And by the way, the capital gains tax is not a tax on the rich, who are already rich; the capital gains tax is a tax on the poor and the workers who want to get rich. You can't get rich on wages. The only way to create wealth is to work, save, invest and make a profit, then reinvest.

Call it voodoo or magic. But when it happens every time, maybe it is just one of those mysteries of life.

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