Results of the Tax Cuts of 2000 ACCORDING TO THE CONGRESSIONAL BUDET OFFICE ON Nov. 14, 2001: Individual income tax receipts fell by $10 billion, or 1.0 percent, in fiscal year 2001. Those receipts would have increased by roughly 3 percent without the $35 billion in tax rebates and smaller reductions from other tax cuts. In fact, total federal revenues declined in fiscal year 2001 for the first time since 1983, mainly because of the Bush tax cuts. The CBO said total revenues declined by 1.7 percent, but otherwise would have increased by 1.5 percent. ACCORDING TO THE CONGRESSIONAL BUDET OFFICE ON Nov. 14, 2001: That decline, the first since 1983...without the recent tax changes (mainly the tax cuts and timing shifts enacted in the Economic Growth and Tax Relief Reconciliation Act of 2001), revenues would have grown by about 1.5 percent. Revenue in 2000 was 2 Trillion 25 Billion. So instead of rising to 3 Trillion 37 1/2 Billion—it went down to One Trillion 990 Billion--a net change of 1 Trillion 407 Billion—from 3 Trillion 37 ½ billion down 1 Trillion, 407 ½ Billion dollars.---IN ONE YEAR. Tax cuts for the wealthy and corporations cost over 1 TRILLION 400 BILLION DOLLARS.—and those tax cuts are cast in stone???? --EVERY YEAR FOR 12 years now we have lost about a trillion dollars in revenue to pay on the National Debt---that’s 16.8 TRILLION DOLLARS---that could have ELIMINATED the National Debt.
Posted on: Fri, 18 Oct 2013 12:27:39 +0000
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