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Alan Reynolds writes,

Federal tax receipts continue to soar, with the individual income tax now expected to rise by about 15 % this year and the corporate tax by 20 %.

A year ago, when people noticed that tax receipts were going to be up by 15 %, New York Times columnist Paul Krugman tried to dismiss it as "a temporary blip." That card can't be played twice.

The Bush team, on the other hand, has an odd habit of describing reductions in marginal tax rates as "tax relief." But the phrase "tax relief" surely implies that taxpayers are paying less in taxes when, in fact, some are paying much more.

For me, this has always been an uneasy part of supply-side economics. The libertarian in me desires lower tax rates based on first principles, as an element of personal liberty. But to the extent that lower tax rates mean you are paying more tax dollars -- which end up funding bigger government -- that cuts the other way.

Thanks to Jameson Campaigne for the link.

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