Bush tax cuts boosted federal revenue

Ryan Dwyer writes at the Washington Times: “In fact, Mr. Obama could learn an important lesson for his own economic plan by studying Mr. Bush’s two very different attempts at tax-cutting . . . By 2003, Mr. Bush . . . cut the dividend and capital gains rates to 15 percent each, and the economy responded. In two years, stocks rose 20 percent. In three years, $15 trillion of new wealth was created. The U.S. economy added 8 million new jobs from mid-2003 to early 2007, and the median household increased its wealth by $20,000 in real terms. But the real jolt for tax-cutting opponents was that the 03 Bush tax cuts also generated a massive increase in federal tax receipts . . . “