The Congressional Budget Office has been embarrassed repeatedly by making projections based on the assumption that tax revenues and tax rates move in the same direction.
Sentiment: NEGATIVE
Of course, tax revenues have ended up being substantially higher than they were at the time these dire projections were made, and we are very close now to having a balanced budget. All that has been very helpful.
Democrats single out glaring examples of tax preferences or spending priorities that favor the wealthy and Republicans cry 'class warfare!'
I am very concerned about anything that says 'revenue' because let's just be honest; revenue for Democrats has become code for tax increases.
Tax increases appear to have a very large sustained and highly significant negative impact on output.
The reality is that during the Reagan years, for instance, we doubled the amount of revenue that we were sending to Washington, D.C. after the tax cuts took effect.
I'm not a detail guy. I depend on accountants and administrators to do my detail stuff for me, but I do know the overall picture and I know that if you put business people together in a room, not just politicians, they could shrink the deficit tremendously by good business tactics.
It is foolish for Republicans to continue opening the door to job-killing tax hikes while Democrats refuse to explain how they propose to reform mandatory spending - mostly entitlements - that makes up almost two-thirds of the federal budget.
Using static scoring, tax cuts are broadly assumed to 'cost' a raw amount of reduced revenue. With dynamic scoring, the new revenue likely to flow from increased economic activity produced by a tax cut is considered, improving the accuracy of the projection.
Sadly, the President's budget proposal for the upcoming year once again puts cutting taxes for the wealthiest Americans over addressing our country's severe fiscal problems.
You can't have a rigid view that all new taxes are evil.
No opposing quotes found.