Writer Steve Ball’s assertion (Aug. 17, 2012) that the Bush tax cuts actually increased federal revenue proves he is either delusional or a tea party member, or perhaps both.
The first and largest Bush tax cut for the wealthy was signed into law on June 7, 2001. Immediately, rebate checks amounting to over $35 billion went out. As a result, tax revenue for that entire fiscal year, which ended in September, dropped by $10 billion.
The drop continued in 2002 with another $138 billion in lost revenue to the federal government and another $71 billion in 2003.
In that time the Republican-held House and Senate passed huge spending bills and Bush led us into two wars, one of which is still going on. In just a matter of three years Bush and his Republican cronies took the federal coffers from two years of surplus to massive deficits that not only destroyed our economy but still resonate today.
Just the facts, sir, nothing but the facts.
Edward F. Murphy