Boortz [1] points out this morning that for all the whining you’re hearing about the debt being because of the tax breaks last year…. the so-called “tax breaks for the rich’…. you remember those…. tax revenue is actually UP.
Says he, and rightly:
“Funny … you haven’t heard a lot about this budget deficit lately, have you? Do you know why? It’s because the projected budget deficit is actually shrinking, not growing. When the budget deficit grows that’s bad news for the President and, therefore, good enough news to put on the TV newscasts and the front pages of the major newspapers. But, when that projected deficit shrinks it’s actually good news for the President, and good news is news that’s not fit to print or broadcast for many “journalists” out there.
Now … just why have the projected deficits been shrinking? No, it’s not because government is scaling back its spending. It’s because the Imperial Federal Government is experiencing a sharp increase in tax revenues. That’s right, an increase! It’s no small increase in federal tax revenues either. Try this figure —- $85 Billion. That’s with a “B.” The current estimate of tax revenues to the federal government is $85,000,000,000 higher right now than it was one month ago. The left and the Democrats have been warning that the Bush tax cuts would lead to lower tax revenues, the fiscal conservatives have been saying just the opposite. Well … guess who wins this one. Hint: It’s not the left.”