In fact, Treasury statistics show that tax revenues have soared and the budget deficit has been shrinking faster than even the optimists projected. Since the first tax cuts were passed, when I was in the Senate, the budget deficit has been cut in half.
Critics claimed that across-the-board tax cuts were some sort of gift to the rich but, on the contrary, the wealthy are paying a greater percentage of the national bill than ever before. The richest 1% of Americans now pays 35% of all income taxes. The top 10% pay more taxes than the bottom 60%. Because of lower rates, money is being invested in our economy instead of being sheltered from the taxman
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The above quotations are from Columns and news articles on NY politics in The Wall Street Journal.
Click here for other excerpts from Columns and news articles on NY politics in The Wall Street Journal. Click here for other excerpts by Fred Thompson. Click here for a profile of Fred Thompson.
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