Why Cutting Taxes Has Helped Us All
Wednesday, May 31st, 2006
By Chris Fitzsimon
It appears that North Carolina will have a $2 billion treasury surplus this year. Surpluses will also occur in most other states.
Why this surplus? Is it that the country has fallen on hard times with a high unemployment rate? Quite the contrary, in spite of what some of our negative liberal politicians are saying.
Business is booming, companies are profitable, corporate tax receipts are up, state treasuries are flush with cash and the unemployment rate is at a near all-time low.
The reason for this is that George W., just like JFK and Reagan, cut the tax rates. This gives our citizens more money to spend. The result is more people are employed, and they pay income taxes. More companies are profitable and pay greater corporate taxes.
When will we learn that decreasing our tax load is good for our economy and good for our country?
Remember when we put a surtax on the purchase of expensive boats? Boat builders didn�t sell their boats, the companies went bankrupt and the state and federal governments collected no taxes. In addition, employees lost their jobs, paid no income taxes, and unemployment insurance payments kicked in.
A tax reduction bill was just passed, which will keep taxes on dividends and capital gains at 15 percent for an additional two years. Democrats claim this is a giveaway to the rich. Nonsense!
Millions of retirees depend on dividends and capital gains to meet living expenses. They are not rich, and their incomes are not indexed (as are incomes of government employees, including members of Congress). (more…)
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