The Republicans would like you to drink this tax cut Kool-Aide which is the basis of supply side economics, but cutting taxes it is not a government revenue panacea.

America strarted to unravel when Ronald Reagan and other Republicans started coddling the rich by cutting income tax, capital gains tax, corporate income tax and the estate tax.

The Media Matters research on this topic is impressive.

Rightardia encourages you to read the entire article because the GOP tries to push their one trick pony, Tax Cuts, in every election.

Here are some of the Media Matters quotes.

Bush CEA Chair Greg Mankiw: Claim That Broad-Based Income Tax Cuts Increase Revenue Is Not "Credible:" Virtually every economics Ph.D. who has worked in a prominent role in the Bush Administration acknowledges that the tax cuts enacted during the past six years have not paid for themselves--and were never intended to. Harvard professor Greg Mankiw, chairman of Bush's Council of Economic Advisers from 2003 to 2005, even devotes a section of his best-selling economics textbook to debunking the claim that tax cuts increase revenues. [Time, 12/6/07]

Former Bush Economist: "[N]o Dispute Among Economists" That Bush Tax Cuts Reduced Revenue. The Washington Post reported on October 17, 2006: "Federal revenue is lower today than it would have been without the tax cuts. There's really no dispute among economists about that," said Alan D. Viard, a former Bush White House economist now at the nonpartisan American Enterprise Institute. "It's logically possible" that a tax cut could spur sufficient economic growth to pay for itself, Viard said. "But there's no evidence that these tax cuts would come anywhere close to that." [The Washington Post,10/17/06]

Krugman: After Reagan's 1981 Tax Cuts, "Revenues Are Permanently Reduced Relative To What They Would Otherwise Have Been." Nobel Prize-winning economist Paul Krugman wrote on July 15, 2010, that "the revenue track under Reagan looks a lot like the track under Bush: a drop in revenues, then a resumption of growth, but no return to the previous trend." He added, "This is exactly what you would expect to see if supply-side economics were just plain wrong: revenues are permanently reduced relative to what they would otherwise have been." [The New York Times, 7/15/10]

Clinton Economist: Reagan Tax Cuts And Bush Tax Cuts "Contributed To Record US Budget Deficits." Harvard economist and former Clinton economic adviser Jeffrey Frankel wrote in September 2008 that cuts in federal income tax rates "reduces revenue ... this was the outcome of the two big experiments of recent decades: the Reagan tax cuts of 1981-83 and the Bush tax cuts of 2001-03, both of which contributed to record US budget deficits."

The Orange County Register reports:

"While Republican lawmakers appear unified against tax hikes and many Tea Party activists want existing rates rolled back, statistics consistently show that federal taxes are at a historic low.

For the past two years, a family of four with the median income has paid less in federal income taxes than any time since at least 1955, according to the Tax Policy Center. All federal, state and local taxes combined are a lower percentage of per capita income than any time since the 1960s, according to the Tax Foundation. The highest income tax bracket is its lowest since 1992. At 35 percent, it's well below the 50-percent mark of much of the 1980s and the 70-percent bracket of the 1970s."

There are two ways to reduce the national debt and the deficit. The first way is to reduce government spending.

The big thee are defense that is paid for with income tax revenues and the other two, Medicare and Social security are funded by the FICA payroll tax.

The other solution is to raise taxes and certainly the FICA payroll tax needs to be reformed to pay for Social Security and Medicare. Most of the out of control spending in past presidential administrations has been on the GOP side. The GW Bush administration has a particularly bad record when it comes to an increasing the deficit and decreasing tax revenues with unecessary tax cuts that primarily benefited the affluent.

After Bush was inaugurated, he said this at one of the inauguration balls: