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Eating the Seed Corn

Contributed by mm | March 7, 2004 3:11 PM PST

If you are determined to vote for Democrats because you think their proposed reversal of Bush's tax cut will lead to balanced budget and more responsible spending, think twice. William P. Kucewicz explained why in this article Eating the Seed Corn. His arguments:

1) Clintion's 1993 Tax Hike is a historic departure as during his presidency the nation experienced the highest rate of federal receipts as % of Nominal GDP since World War II.

2) Raising tax rate effectivelys financial capital from the economy and surpresses propensity to invest, both leading to job loss and economy failure. Since 1970s, all economic contractions accompany a period of high tax rates in terms of federal receipt as % of nominal GDP.

3) The rich taxpayers already paid disproportionate amount of tax: in 2001 the top 2.0% taxpayers paid 41.3% of the total federal income tax while the bottom 84.7% only contributed 26.7%.

4) People misread the 1990s boom as a result of the Clinton 1993 tax hikes. Instead, it should be interpreted as mostly due to productivity gain associated with the IT revolution. The economy boomed despite the tax hike because the revolutional power is so strong.

Source: Tax Guru-Ker$tetter Letter

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