How many times have you heard the left wail about tax cuts for the rich? How many times? Want to hear it again?
(BEGIN VIDEO CLIPS)
SEN. JOHN KERRY, D-MASS.: I will roll back the tax cuts for the wealthiest individuals.
REP. CHARLIE RANGEL, D-N.Y.: Let me tell you something. We have tax cuts for the very rich.
BILL CLINTON, FORMER PRESIDENT OF THE UNITED STATES: If you give your tax cuts to the rich.
SEN. JOE LIEBERMAN, D-CONN.: The fact is that I have opposed George Bush on most of the major policy initiatives of his administration from tax cuts for the rich.
SEN. JOE BIDEN, D-DEL.: If we were just to take one year of the tax cut for people making over $1 billion, that would generate $53 billion in revenue.
(END VIDEO CLIPS)
All right. Now a funny thing happened on the way to the bank: Those tax cuts for the rich have helped all Americans, especially the poor.
According to the latest stats, tax revenues are climbing twice as fast as predicted and the deficit is being sharply cut. That's because the so-called rich are making money in the stock market and other investments. And the government is taxing that money at a moderate rate. Taxing it at a higher rate discourages investment.
Want more proof? President Bill Clinton, you just saw him. He was a "tax the rich" guy. In the middle of his two terms, 1995, the federal government took in $1.5 trillion in tax receipts -- $1.5 trillion. Ten years later, 2005, the middle of President Bush's term, the Feds took in $2.1 trillion, 40 percent more than under Clinton!
Now, socialist columnist Paul Krugman -- I hate to pick on the guy, but I have to -- must be rolling over in his Princeton University classroom. But the fact is that lower taxes help the economy and give the feds more tax money.
But it's not really about lower taxes, is it? It's all about the federal government taking money away from affluent Americans and giving it to those less well off. That's what Krugman and his merry band really want. They think unfettered capitalism is bad, income redistribution is good.
So please, no more tax cuts for the rich nonsense. With the Bush administration spending like crazy, with high gas prices, with an expensive War on Terror, the USA should be in a deep recession. And the main reason the country is not is because Americans continue to spend and invest. Lower taxes mean more prosperity for everyone. No spin.
And that's "The Memo."
The Most Ridiculous Item of the Day
Nothing ridiculous about congratulating Italy for its World Cup win yesterday, watched by millions around the world, but what led to that win could be ridiculous.
French star Zizou was thrown out of the match for head butting.
Now Zizou is an expert scorer. Not nice, Zizou. And he could have been used in the shoot-out, but he was thrown out, so he couldn't shoot out because many fans were shouting out nasty things about him. Out of there. Booted Zizou. Congrats to Italy.
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