Federal outlays and receipts in the last two years of the
Clinton Administration, all eight years of George W. Bush and
Barack Obama’s first term:
In 2011, income tax revenue made up about 55 percent of federal
receipts. Raw data
here and
here
A few notes: George W. Bush and supporters of the tax cut said
federal revenue would go up after passing the cuts and it appears
it did. In fact, federal receipts reached Clinton-era levels
without Clinton-era tax rates in 2006, not long after all the cuts
went into effect (passed in 2001 and 2003, they were tweaked with
in 2005). Bush passed a tax cut as stimulus in 2008 and Barack
Obama’s trillion dollar stimulus package in 2009 included some type
of tax cuts as well, but does that chart look like a revenue
problem or a spending problem?
And for those who would say “well of course the government has
to spend more when the economy is hurting” only one question
applies: has it helped? If you think so, I’ve got a tiger-repellant
rock to sell you.
Continue at source:
The Bush Tax Cut Issue in One Chart
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