Tax Revenues Plummet in 2010

[sinkingfeeling]

http://www.truth-out.org/tax-revenues-plummet-201068659

You read it here first. Lowered tax rates did not result in increased tax revenues as promised by politician after pundit after professional economist. And even though this harsh truth has been obvious from the official data for some time, the same politicians and pundits keep prevaricating. Some of them even say it is irrelevant that as a share of GDP, income tax revenues are at their lowest level since 1951, when Harry S. Truman was president.



In 2007 and in the 2008 presidential campaign, Sen. John McCain, R-Ariz., repeatedly stressed: "The fact is, the tax cuts have dramatically increased revenues."

We don't have a revenue problem. We have a spending problem.
-- Senate Minority Leader Mitch McConnell, R-Ky.

Washington does not have a revenue problem. It's got a spending problem.
-- House Majority Leader Eric Cantor, R-Va.

We do not have a revenue problem. We have a spending problem.
-- House Budget Committee Chair Paul Ryan, R-Wis.

I think it's not a revenue problem; it's a spending problem.
-- Sen. Rand Paul, R-Ky.

[xchrom]

1. recommend

[Poboy]

2. We all knew this. Even Poppy Bush knew this is 'vodoo economics'.

You won't hear Obama fight the bullshit narrative though. Worthless.

[n2doc]

3. I'll bet the numbers are even worse if one uses median, rather than mean

Because all the gains were concentrated in the top few % of wage earners. K and R

[FreakinDJ]

4. But but but .... You mean Reaganomics doesn't work

[rucky]

5. Jobs jobs jobs jobs

we need about 15 million of them

[RC]

6. Not just jobs, Living-Wage-Jobs

Always stress Living Wage Jobs.

[FreakinDJ]

9. McDonnalds, Carl's Jr, Starbucks WallMart

[TBF]

7. When people don't have jobs there is no income tax to collect. Duh. nt

[mmonk]

8. What????? You mean the absolute of pixie dust economics doesn't work?

I'm sure we can come up with bi-partisan cuts to "big guvmint" spending and stop those deficits. The New Democrat Coalition can team up with Obama and the Republicans and come with more business tax cuts and spur massive growth that will take of the mess caused by those few liberal expremists in the party that are so unreasonable and want us to lose elections demanding something different.

[Poboy]

10. .

[SoCalDem]

11. No jobs/shitty jobs = no taxes... a no-brainer n.t