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Blogs by Lawrance G Lux
Bush Budget Estimates 1/31/2004 7:56:41 PM
The Administration released Projections about the Budgets for future years, while having issued a Y2004 Projection known to be a lie, but adopted before a worse truth.
Everywhere the Bush estimates state expected Federal revenues should exceed $2 trillion, but this Author wonders how this is compiled. Corporation and Business gets always enhanced Tax Cuts, while high Salary Jobs are being eliminated, replaced with cut-rate Rehires. Social Security taxes will remain relatively stable, as tax rates are set to overtax the Poor, while protecting the wealth of the Rich. Business get greater tax credits, and wealthy Incomes get delayed payment advantages. Bush wants rid of the AMT, so many of the wealthy can escape all taxation.
The Author will go out on a limb, and state Federal revenues cannot possibly reach $2 trillion for any of the Years in question, under the current Tax policy of the Bush administration. Most Economists would disagree, but none are willing to expound a detailed 'How' such revenues will be gained. The Author suggests the American economy will have to average 7.1% growth rates, in order for there to be $2 trillion of Federal revenue in Y2004. lgl
