It looks like actor and former senator Fred Thompson is gearing up to run for the Republican Presidential nomination. I guess his current gig is as a lawyer on the TV show Law and Order. He recently disclosed that he has an indolent form of lymphoma (he was treated with Rituxan). Supposedly he made the disclosure so it wouldn't come up as an issue if he does start a campaign for the nomination.
Thompson wants to take on the mantle of being the true "Reagan Republican". He had an op ed in the Wall Street Journal this morning on taxes. He's against them (haha).
Case Closed. Tax cuts mean growth OpinionJournal - Featured Article
The results of the experiment that began when Congress passed a series of tax-rate cuts in 2001 and 2003 are in. Supporters of those cuts said they would stimulate the economy. Opponents predicted ever-increasing budget deficits and national bankruptcy unless tax rates were increased, especially on the wealthy.
In fact, Treasury statistics show that tax revenues have soared and the budget deficit has been shrinking faster than even the optimists projected. Since the first tax cuts were passed, when I was in the Senate, the budget deficit has been cut in half.
Perhaps the most fascinating thing about this success story is where the increased revenues are coming from. Critics claimed that across-the-board tax cuts were some sort of gift to the rich but, on the contrary, the wealthy are paying a greater percentage of the national bill than ever before.
The richest 1% of Americans now pays 35% of all income taxes. The top 10% pay more taxes than the bottom 60%.
Now, as before, politicians are itching to fund their pet projects with the short-term revenue increases that come from tax hikes, ignoring the long-term pain they always cause. Unfortunately, the tax cuts that have produced our record-breaking government revenues and personal incomes will expire soon. Because Congress has failed to make them permanent, we are facing the worst tax hike in our history. Already, worried investors are trying to figure out what the financial landscape will look like in 2011 and beyond.
This issue is particularly important now because massive, unfunded entitlements are coming due as the baby-boom generation retires. We simply cannot afford higher taxes if we want an economy able to bear up under the strain of those obligations. And beyond the issue of our annual federal budget is the nearly $9 trillion national debt that we have not even begun to pay off.
Thompson finishes withthe rhetorical question "Are you really interested in tax rates that benefit the economy and raise revenue--or are you interested in redistributing income for political reasons?"