Bowfinger, this is the 3rd? time you have posted this response. What do you want me to respond too?
You said "Government revenues reach new record highs almost every year because of inflation and a normal economic growth" and I showed that we had 4 straight years where revenue did NOT reach record highs, clearly your statement is shaky at best.
From 1955 to 2005 we have had 8 years with out record highs, which means that 1 out of every 6 years has NOT had a record, so much for your "almost every year" comment.
For the record, the capital-gains taxes took effect in 2004 and since then we have seen two years of incredible revenue growth.
You made another "smoke and mirrors" comment about off-budget expenses and all that. Since you know so much about off budget spending post a nice link showing how much money we are spending off budget.
And then you made a comment about projecting deficits till 2011. Which I have already stated that I oppose. IF we control spending we can balance the budget before then.
Proof that FY 2000 was an anomaly.
Year-- Revenue--- increase over previous year. Starting with Clinton's first year in office.
1993 1154 trillion 63 billion
1994 1258 trillion 104 billion
1995 1351 trillion 93 billion
1996 1453 trillion 102 billion
1997 1579 trillion 126 billion
1998 1721 trillion 142 billion
1999 1827 trillion 106 billion
2000 2025 trillion 198 billion
So in the for Clinton's entire 8 years in office we averaged an increase in revenue of $116 billion per year, and then all of a sudden we see a nearly $200 billion increase in revenue, a $73 billion greater increase than his second best year. Clearly 2000 was an anomaly.
I am very happy to report that tax collections for the past two years have increased by $521 billion making the last two years the highest tax collecting years in US history-even after adjusting for inflation. And both years showed very large increases, so this is not a one year wonder ala 2000.
Looks like the tax cuts are working good now huh?
Oh and you'll love these FACTS
According to IRS data, the top 1 percent paid about 36.89 percent and
the top 5 percent paid 57.13 percent of federal personal income taxes in 2004 (the most recent data available).
By comparison, in
1999 the top 1 percent paid 36.18 percent and the
top 5 percent paid 55.45 percent of federal personal income taxes.
Look at that, under Bush the rich are paying a larger percentage of all income taxes, how nice of them
BTW: In 2003 the top 5% paid 54.36% of all income taxes, and yet they only earned 31.18% of income. So they are pay WELL more than their "fair share" The top 50% earn 86% of all income in this country, and yet hey pay 96% of income taxes. That means the bottom HALF of the country only pay 3.5% of taxes. I would say the tax system is pretty fair in this way.
Read some great stats on the economy here
US deficit cut in half