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Tuesday, July 19, 2011

Fact Of The Day: Total Direct Revenue Rose After Bush Tax Cuts Enacted

The Washington Examiner provides a piece discussing the ongoing debt limit battle, which is a must-read, but one specific fact in that article is something everyone needs to see and pass around.

"Everybody talks about how much the Bush tax cuts cost, and we're saying, no, they led to a huge increase in revenue," says the Republican involved in the fight. It's true. According to historical tables published by the Office of Management and Budget, government revenue shot higher after the Bush tax cuts were enacted. Total federal government receipts rose from $1.782 trillion in 2003 to $2.567 trillion in 2007 -- an increase of $785 billion, or 44 percent. In 2007, the federal deficit shrank to $160 billion -- all after tax cuts that Obama and his Democratic allies portray as disastrous.

Click here and look at the "total direct revenue" for 2003, then click here and look at the "total direct revenue" in 2007.