Thursday, April 07, 2005

Larry Kudlow is an empty-headed moron.

As if you needed more proof.

Note: "As for Reagan, he cut taxes once and then raised them every year after that," and "taxes that have gone up during this time: state and local taxes and the payroll tax, the most regressive taxes we have."

Federal income tax cuts => higher federal deficits => less federal funds allocated to states / localities => states/local need to make up budget shortfalls (unlike federal government, most states have balanced budget requirements) => state/local tax rates go up (duh) => your total tax bill either stays the same or increases.

There is no free lunch, dominos will fall, etc.

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