This past Wednesday I traveled down to Manchester for an early morning meeting. Normally, I’ll listen to Pat Kelly and Peter St. James on “Good Morning NH” on WEMJ on my way down for my irregular attendance (at least lately) to this meeting and I have been known to call in from time to time. I’ve known Pat for years since our “Meet The New Press” on that station and putting the two of them together has been hysterical!
Well, Pat was rather lonely as Peter was off “doing Peter things” (as Pat said) so I called in. Knowing GraniteGrok, he asked my opinion about the election and what it might mean for NH. So, I obligingly obliged and started in on what I thought. Yeah, “settled law” never is and we’ll be seeing a number of things that Dems will be trying to unwind – never mind that “settled law” is their go-to phrase when the Republicans have power. So I obviously said that one of the things I expected the Dems to do is to go after the “unasked for business tax cuts”.
And then the magic phrase was born!
And Pat said, “and NH now has unanticipated tax revenues, too!” That just tickled me pink, so I instantly put the two together:
“Unasked for tax cuts yield unanticipated tax revenues.”
I told him, straight away, go and trademark it, although I wanted to be able to use it.
When you think about it, why should anyone be surprised at what has happened? Whether the Socialist Democrats here in NH want to acknowledge it or not is that the Laffer Curve really exists and that supply-side economics has been working in NH since. It may be a wee bit early to say that definitively but the anecdotal evidence has already started to come it. But leave it to the Democrats to revert, true to form and ideology, that “they want their money back” (because, after all, you didn’t build/earn that – they’re just allocating some of it back to you). They’ve already said they want to get rid of the clause that states that if revenues keep coming in, the tax rates would be lowered again.
You watch because I think that the converse meme will also end up being true:
“Unwound tax cuts will result is below predicted tax revenues.”
And of course, the Democrats will also seek to undo any of the regulations that have been disposed of – and then add to that mountain of regs that still exist.
(Image H/T: Steve, here)