Tax Cuts Don't Boost Revenues

In addition to the report I wrote about earlier, the CBO has made the data underlying that report available in an Excel spreadsheet. Like Republicans and tax cuts, I just can't resist graphing income and tax data. So, here you go. This graph represents the shares of after-tax income for the lowest 4 quintiles and the top quintile. I knew the 2001-2003 Bush tax cuts were skewed toward the rich, but this graph really puts things into perspective. (Click on image to enlarge)

Some interesting research (via Brad Plumer's blog) making the case that the estate tax actually makes the economy more efficient. Here's the abstract:

Master of the Minority Mitch McConnell's Immodest Turn In a beautiful, if perhaps unintended, exposition of the hypocrasy of the McConnell legislative obstruction program in the Senate, a New York Times "Congressional Memo: "Muscle Flexing in Senate: G.O.P. Defends Strategy," quotes the Senate Majority Leader today as follows: I think we are being consistent here against higher taxes, consistently against greater regulation, consistently against creating new causes of action in bill after bill after bill. It's a positive message of our vision of America.