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Time: Tax Cuts Don’t Boost Revenue

Justin Fox penns an excellent piece for Time:

If there’s one thing that Republican politicians agree on, it’s that slashing taxes brings the government more money. “You cut taxes, and the tax revenues increase,” President Bush said in a speech last year. Keeping taxes low, Vice President Dick Cheney explained in a recent interview, “does produce more revenue for the Federal Government.” Presidential candidate John McCain declared in March that “tax cuts … as we all know, increase revenues.” His rival Rudy Giuliani couldn’t agree more. “I know that reducing taxes produces more revenues,” he intones in a new TV ad.If there’s one thing that economists agree on, it’s that these claims are false.

Of course, what the world needs is something more than the occasional spot-on feature. What’s needed is a world in which this information filters into daily coverage. If a politician gives a talk about economic policy whose central premise is false, this should be the story of the day. If a politician persists in saying things that aren’t true, he should be branded a liar — a “serial exaggerator,” whatever — a person possessed of a political strategy dependent on making false claims, and blessed or cursed with a character that lets him keep on doing it.

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