GOP strategist Christie: Tax revenues rose after Bush tax cuts in 2001 and 2003
Once again...
What we found is Christie is carefully picking his starting and end points to make the most dramatic comparison. Changing the timeframe makes all the difference, as we’ll show you.
Indeed:)
The Tax Policy Center, a joint project of two academic centers the Brookings Institution and the Urban Institute, summarized the CBO numbers. This chart based on the center’s table shows revenues initially falling, not rising.
In short, federal revenues were below 2000 levels (after adjusting for inflation) until 2006. They outpaced fiscal year 2000 collections for a bit, then fell again in 2008. The same pattern roughly holds if you use 2001 as the starting point. What’s that all mean? When you adjust for inflation, the 47 percent revenue growth from 2003 to 2007 becomes 28 percent. And if you start the clock in 2001, revenue growth drops to 4 percent. By 2009, of course, the numbers look even worse. Here’s another way to look at it, using data from the Federal Reserve Bank of St. Louis. Over Bush’s two full terms, federal revenues dropped 13 percent.
Christie’s statement has some superficial accuracy but a more complete picture shows that he has omitted many details that would lead to a different conclusion. We rate this claim Mostly False.
Superficial accuracy pretty much sums it up!
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