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Wall Street Journal Ignores Facts in Crusade for High-Income Tax Cuts
dulios
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2-9-2008 3:46 PM
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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/7123cef6-fe84-4ca5-8cdc-8c5c44776b4a/F322A807-9BCC-4E07-92D1-C54C50B5488A/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.ctj.org/taxjusticedigest/2008/02/new-ctj-paper-wall-street-jour.html" href="http://www.ctj.org/taxjusticedigest/2008/02/new-ctj-paper-wall-street-jour.html" style="font-size: 11px;">www.ctj.org</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ctj.org/taxjusticedigest/2008/02/new-ctj-paper-wall-street-jour.html"><H1>New CTJ Paper: Wall Street Journal Again Ignores Facts in Its Crusade for High-Income Tax Cuts</H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ctj.org/taxjusticedigest/2008/02/new-ctj-paper-wall-street-jour.html"><div align="center"><img src="http://content7.clipmarks.com/blog_cache/www.ctj.org/img/170983AC-572C-47BA-9149-46BC3C823A5D" alt="" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ctj.org/taxjusticedigest/2008/02/new-ctj-paper-wall-street-jour.html"><SPAN class=125452016-07022008><FONT face=Arial size=2>The Wall Street Journal’s editorial board is </FONT><A title=http://online.wsj.com/article/SB120162887593525779.html href="http://online.wsj.com/article/SB120162887593525779.html"><FONT title=http://online.wsj.com/article/SB120162887593525779.html face=Arial size=2>at it again</FONT></A><FONT face=Arial size=2>. Their latest riposte in their ongoing duel with<IMG style="WIDTH: 432px; HEIGHT: 418px" alt="" hspace=0 src="http://www.ctj.org/images/capgains.gif" align=right border=0> mainstream economics is a<SPAN class=125452016-07022008>n </SPAN>attempt to cast a normal upswing in <SPAN class=218264016-08022008>capital gains</SPAN> <SPAN class=218264016-08022008>tax </SPAN>revenue, which always occurs in an economic cycle, as proof that cutting <SPAN class=218264016-08022008>capital gains </SPAN>taxes actually increases revenues. <SPAN class=125452016-07022008>As a <A title=http://www.ctj.org/pdf/responsetowsjcapgains.pdf href="http://www.ctj.org/pdf/responsetowsjcapgains.pdf">new paper from CTJ</A> explains,</SPAN> this revenue is well below the peak it reached during the Clinton era — when taxes were <I>higher</I>.<BR></FONT></SPAN></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ctj.org/taxjusticedigest/2008/02/new-ctj-paper-wall-street-jour.html"><FONT face=Arial size=2>Revenues from capital gains taxes, adjusted for inflation, are well below their level at the end of the Clinton administration, and capital gains tax revenues are not projected to come close to their Clinton-era levels at any time in the next decade. </FONT></DIV> <DIV> <P><FONT face=Arial size=2>Measured as a percentage of the economy (GDP), capital gains tax revenues have actually declined even more dramatically.</FONT></P></DIV></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;"> </td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/F322A807-9BCC-4E07-92D1-C54C50B5488A/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>
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