February 4, 2008 02:58 PM | | Bookmark and Share

The Wall Street Journal’s editorial board is at it again. Their latest riposte in their ongoing duel with mainstream economics is an attempt to cast a normal upswing in a particular type of revenue, which always occurs in an economic cycle, as proof that cutting taxes actually increases revenues. The Journal ignores the fact that this revenue is well below the peak it reached during the Clinton era — when taxes were higher.

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