Critics of the Bush Administration's 2001 and 2003 tax cuts said they wouldn't work. They wouldn't help pull the U.S. economy out of recession, they wouldn't generate more tax revenue, they were no more than a payoff to Bush's wealthy supporters.
Perhaps they were mistaken.
Treasury Secretary John Snow, in a speech to the Bond Market Association Friday, said: "The results are in, and they are clear: Economic growth has led to a surge of tax revenues and shrinking deficits. Despite the cries from our critics, it cannot be denied that low taxes truly are consistent with rising federal revenues, which of course help bring the deficit down."Hmmm. When you remove confiscatory taxes that are disincentives to investment and wealth creation, lo and behold, Americans invest in themselves and in U.S. business. They create more jobs, more higher paying jobs, higher corporate profits, a stronger economy and, in the long run, higher tax revenues.
It's not rocket science. It's capitalism.