Wednesday, June 22, 2011

Former Reagan Policy Analyst Repudiates GOP Lie That Tax Cuts Increase Revenue

Lawrence O’Donnell takes aim at “the biggest Republican tax lie” that cutting taxes, especially on the rich, increases tax revenue. He cites Republican politicians Pawlenty, Bush, McCain and McConnell (who, along with Vitter, actually questioned whether we pay for tax cuts), all of whom peddle this falsehood, and contrasts them with Republican economists, including Paulson, Lazear and Greenspan, all of whom actually disagree. O’Donnell is then joined by Bruce Bartlett, former Reagan senior policy analyst and treasury deputy assistant secretary for economic policy during the first Bush administration, who repudiates the idea that “tax cuts pay for themselves”:

Bartlett: There are lots and lots of tax cuts and there were plenty of them in the Bush tax cuts, refundable child credits and things of that sort, that just lose dollar-for-dollar revenue and have no feedback effects whatsoever.

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