Yes it came from the White House! Larry Summers, White House economic advisor said that the deal between the President and GOP to keep taxes low (which Obama had been fighting against) will not only jump start the economy but will increase government revenue in the long run.
Here is the quote. “The deficit will be higher in the short run and lower in the long run because of this bill.” “Lower in the long run for two reasons-because the front loading of business allowances means more revenue collections after 2012 and because the extra economic growth lifts the economy, which in turn lifts tax collections.” Yes, this is the official statement from the White House economic advisor.
GW: Additionally, the liberal left always wants to tax the rich and complains about the Bush tax cuts for “the rich.” Here are the facts, which is alluded to above by the Democrats: Before the Bush tax cuts for all Americans, the top 1 percent of wage earners paid 32 percent of this country’s taxes; after the tax cut, the percentage increased to 40 percent.
What the left fails to understand is that lowering taxes brings in more revenue to the government and creates wealth – the only goal of an economy. When jobs are shipped over seas, it is precisely because of this country’s taxation and regulation stances.
