Saturday, July 08, 2006

 

Proof: Lower Tax Rates Work

The Congressional Budget Office reports that revenues will exceed expectations this year. In fact, the CBO states that it will be 26% (or $250 billion) higher than last year. While the all-time high deficit of $412B was set in 2004, it dropped in 2005 to $318 and is now expected to be $3oo for this year.

All of the arguments the Dems have made over the last year about the deficit growing is now wasted hot air. When President Bush and the Republican Congress cut taxes in 2001, the liberals screamed and the conservatives said it was not enough. While I still believe that they were not cut enough, this news is vindication for the Bush camp.

It is my fervent hope that the politicians in Little Rock and the local elites in Fort Smith will learn something from this and try cutting taxes to spur the local economies rather than constantly putting higher taxes on the ballot. With lower tax rates, new business will move in and established business will expand.

Both state and local leaders must lower (preferably eliminate) the food tax, lower the income tax, and structure business friendly tax rates. If not, Arkansas will remain the high tax island in the center of the country, but soon it may become the desert island. We already have a steady stream of our states young graduates leaving for greener pastures.

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