Glenn makes a fun point. The POTUS spoke in the SOTU on earmarks right at the beginning. Porkbusters anyone?
Harrison Bergeron has the quote of the night:
“Others have said they would personally be happy to pay higher taxes. I welcome their enthusiasm, and I am pleased to report that the IRS accepts both checks and money orders.”
UPDATE: Heh!! Welcome Instapundit readers! Be sure to click through to Harrison’s Three Sources blog.
Based on the comments here I thought you all might be interested in the CBO numbers released today: (via the Wall Street Journal)
This blowout in taxable gains has in turn translated into a revenue windfall for Uncle Sam. CBO now estimates that the capital gains tax will collect $127 billion in 2007, up from $49 billion in 2002. Capital gains revenue has undeniably been a major contributor to the decline in the budget deficit in recent years.
Ah, but wouldn’t revenues have been even higher with the 20% rate? With the help of the Strategas consulting firm, we went back and looked at what CBO predicted for revenues assuming a 20% rate. CBO estimated that from 2003-2007 the government would collect $260 billion. In fact, the feds have collected $470 billion over that period at the lower 15% rate. Even Tom Brady doesn’t do that much dynamic scoring.
And by the way, the capital gains rate is scheduled to return to 20% at the end of 2010 unless Congress acts in the interim. Hillary Clinton wants to raise it back to 20%, while Barack Obama and John Edwards say it should go as high as 28%. Apparently they don’t mind if the government loses revenue.
I’m just saying.