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Alex Chediak

Helping young adults thrive at college and beyond

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Tax Cuts Put More People in Higher Tax Brackets

July 13, 2006 by Alex Chediak

President Bush receives little credit for the strong US economy, yet it is indisputable that the tax cuts he instituted in 2003 have been overwhelmingly helpful.
“In the nine quarters preceding that cut on dividend and capital gains rates and in marginal income-tax rates, economic growth averaged an annual 1.1%. In the 12 quarters–three full years–since the tax cut passed, growth has averaged a remarkable 4%.”
“In the first nine months of fiscal 2006, tax revenues have climbed by $206 billion, or nearly 13%. As the Congressional Budget Office recently noted, “That increase represents the second-highest rate of growth for that nine-month period in the past 25 years”–exceeded only by the year before. For all of fiscal 2005, revenues rose by $274 billion, or 15%.”
The growth rate is slowing a little bit, which is why the Fed might soon stop raising the interest rates (having already made 17 consecutive increases in an attempt to curb inflation since the economy is doing so well).
Here’s the kicker:
“Individual income tax payments are up 14.1% this year, and “nonwithheld” individual tax payments (reflecting capital gains, among other things) are up 20%. Because of the tax cuts, the still highly progressive U.S. tax code is soaking the rich.”
What this means is that more people are seeing strong gains in their income, which is putting them into higher tax brackets, which is (in part) why tax revenues have gone up so much.
This entire article is an extremely persuasive argument on the benefits of tax cuts. Now if only (a) they could be made permanent, and (b) we could reign in spending!
(HT: Justin Taylor)

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Thriving at College book cover368 pages. Please allow 7-10 days for delivery.
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Beating the College Debt Trap book cover224 pages. Please allow 7-10 days for delivery.
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Preparing Your Teens for College book cover 448 pages. Please allow 7-10 days for delivery. Sales tax will be added for California purchases, as required by law. For orders to Canada, please contact us. (See also CASE DISCOUNTS below.) No PayPal account required to place order. (Debit or Credit card will work.)

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$189.99


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Amazon Book Bomb for Thriving at College"There is no better guide to college."
--Alex and Brett Harris

"Insightful and useful."
--Randy Alcorn

"Written by an ‘insider’—an excellent gift for high school seniors."--Jerry Bridges

 

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"Outstanding book on preparing teens for adulthood." Jerry Bridges

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Also by Alex

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With One Voice

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Praise for With One Voice

This relatively short book packs a powerful bang for the buck, providing much biblical and practical advice for young men and women seeking to glorify God in relationships.

Alex and Brett Harris
Best-selling authors of Do Hard Things

Alex and Marni Chediak offer sound biblical advice and a clear Christian framework for working through the maze of confusions surrounding modern marriage.

R. Albert Mohler, Jr., President
The Southern Baptist Theological Seminary

Publishers have been cranking out books with all sorts of directions to help Christians navigate the treacherous waters between the buoys of singleness and marriage, and I know of none that is more clear, concise and helpful than With One Voice.

J. Ligon Duncan, III Ph.D.
Senior Minister, First Presbyterian Church

With One Voice is clearly written and God-centered. Our eighteen year-old daughter just read it and restrained herself from underlining nearly the whole thing!

Dr. Bruce A. Ware
Professor of Christian Theology
The Southern Baptist Theological Seminary

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