I agree that serious economist is a lame and somewhat obnoxious formulation and calling Charlie Gibson a supply-side nut job was pejorative. But I was mad,
chanel bags, and this is my blog, dang it. Why was I mad,
http://www.vuittoncanadasale.com? I was mad because Gibson,
borse louis vuitton, by repeating the claim that capital gains tax cuts increase revenue, was presenting what is almost certainly a false claim as fact.
The reason I have to use that almost certainly qualification, and why I went with serious economists in my post yesterday,
lululemon canada,
http://www.bandbajabarat.com/member/blog_post_view.php?postId=89617, was that there s no incontrovertible evidence,
http://tv.treysongz.us/members/xiaosan06,
chanel handbags. Capital gains are so volatile, and so dependent on factors other than the tax rate, that it s really hard to tell what the effect of tax cuts or tax increases is. There s an easily observable one-year effect: Revenue almost always goes up the year after a capital gains rate cut because people can time the realization of their capital gains and when a cut is coming they ll delay those realizations en masse until after it becomes law. But that s not really evidence that capital gains tax cuts increase revenue; it s just evidence that they shift revenue from one year to another. Beyond that, it s much harder to say. In the chart in my previous post I measured capital gains tax receipts over the course of a business cycle,
mbt outlet, and on a real basis they were down in 2007 (which is almost certainly going to be a business cycle peak) over 2000. But that measurement too is subject to all sorts of noise and other possible reasons for the decline in tax receipts,
cheap chanel bags. Which is where the serious economists who build models of economic behavior come in,
lululemon yoga pants. And yeah, basically I mean professors at fancy universities. But on this particular topic I tend to rely on professors at fancy universities who have served in the current Bush administration, because I figure it s hard to dismiss their verdict as political,
http://bbs.q-yu.com/read.php?tid=36239&ds=1,
http://www.topmicamk.com. The current consensus of this crowd is pretty well reflected in a 2004 paper by Greg Mankiw, the former chairman of Bush s Council of Economic Advisers,
lululemon outlet, and Matthew
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