Wyatt earp
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- Apr 21, 2012
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- #421
The revenues all came from capital gains taxes which ballooned during the tech bubble. Of course, they also collapsed when the tech bubble collapsed.
LMAOROG, Sure Bubs, sure, keep "believing"
Source of Revenue as Share of GDP
How does that chart prove me wrong? It doesn't break out capital gains as a separate category.
You sure have trouble with the logic thing, don't you?
Note it going up BEFORE capital gains tax cuts dummy? You know the one where Newt took credit for the surplus AS the deficit was coming down??
In 1993, Bill Clinton undid some of the Reagan tax cuts for the wealthy, in a bill that every Republican in Congress opposed. In the years that followed, federal revenues shot up. By 1996, the deficit had fallen by more than half from its 1993 level. But cautious official congressional prognosticators thought that this happy trend was unlikely to continue
So, in January of 1997, the Congressional Budget Office predicted a budget deficit of $124 billion in the fiscal year that ran from October 1996 to September 1997, with little relief thereafter. That was the deficit situation that Congress thought it faced when it enacted the Balanced Budget Act in August 1997.
But CBO's crystal ball was faulty. Because the economy and tax revenues continued to grow rapidly, the actual fiscal 1997 deficit turned out to be a mere $22 billion. Of course, that virtually balanced 1997 budget had no connection to the budget act, which wasn't enacted until the fiscal year was almost over.
McClatchy: Sorry, Newt. You never balanced the budget | CTJ in the News
In the years that followed, federal revenues shot up. By 1996,
Repeat after me can you say dot.com?
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Gawd you simpleton
In 1993, Bill Clinton undid some of the Reagan tax cuts for the wealthy, in a bill that every Republican in Congress opposed. In the years that followed, federal revenues shot up. By 1996, the deficit had fallen by more than half from its 1993 level. But cautious official congressional prognosticators thought that this happy trend was unlikely to continue
McClatchy: Sorry, Newt. You never balanced the budget | CTJ in the News
BTW "SHOT UP" MEANT GETTING BACK UP TO WHERE CARTER HAD THEM PRE REAGAN DUMMY, AS A PERCENTAGE OF GDP
Source of Revenue as Share of GDP
Again idiot repeat after me Dot com
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