In response to:

Prophets and Losses: Part II

BiggDonn Wrote: Feb 06, 2013 10:37 AM
Geo Bush, Queen Elizabeth, and Vladi Putin all die and go to Hell. They spy a red phone and ask what the phone is for. Devil tells them it's for calling back to Earth. Putin calls Russia & talks for 5 minutes. When finished the Devil tells him the cost is a million dollars, so Putin writes a check. Next Queen Elizabeth calls England & talks for 30 minutes. When she's finished Devil informs her cost is 6 million dollars, so she writes a check. Finally George Bush gets his turn and talks to USAfor 4 hours. When done the Devil informs him cost is $5.00. When Putin hears this he goes ballistic and asks why Bush got to call the USA so cheaply. The Devil replies,"Since Obama took over, whole USA has gone to Hell, so it's a local call..."

Editor's Note: This column is part II in a series. Part I can be found here.

People on both sides of tax issues often speak of such things as a "$300 billion tax increase" or a "$500 billion tax decrease." That is fine if they are looking back at something that has already happened. But it can be sheer nonsense if they are talking about a proposed increase or decrease in the tax rate.

The government can only raise or lower the tax rate. Whether the actual tax revenues that the government will collect as a result will go up or...