Changes

Since the tax cuts, [[IRS]] revenues increased from $1.78 trillion in 2003 to $2.56 trillion in 2007 with a 46.3% increase of individual income tax receipts. Surging $785 billion since the 2003 investment tax cuts, it is the largest four-year revenue increase in U.S. history<ref>http://online.wsj.com/article/SB119189497675953035.html?mod=googlenews_wsj</ref>

Since the tax cuts, [[IRS]] revenues increased from $1.78 trillion in 2003 to $2.56 trillion in 2007 with a 46.3% increase of individual income tax receipts. Surging $785 billion since the 2003 investment tax cuts, it is the largest four-year revenue increase in U.S. history<ref>http://online.wsj.com/article/SB119189497675953035.html?mod=googlenews_wsj</ref>

During this same time period, spending mandated by Congress has also increased by more than 29 percent in inflation-adjusted dollars, representing an 11.4 percent increase in federal spending as a percentage of [[Gross domestic product|GDP]]. This spending has doubled the federal debt, increasing it from 58 to 66 percent of GDP. Defense spending increased 61 percent, and non-defense by 23 percent during the eight years since 2000.  The largest non-defense spending increase has been for federally-funded medical expenses, at 54 percent.<ref>[http://www.aier.org/research/commentaries/750-big-government-under-the-bush-administration Big Government Under The Bush Administration], AIER, 16 November 2008</ref> In total, the Republican White House has increased government expenditures by the largest percentage of any president since [[Lyndon Johnson]], but McCain has opposed every earmark put forward in the Democratic and Republican congresses, even ones Bush supported.  However, this appears likely to be eclipsed by the spending plans of [[Barack Obama]], who pledged on 6 December 2008 to invest "record amounts of money" in infrastructure, a plan which some members of Congress are estimating at $400 to $700 billion.<ref>[http://www.nytimes.com/2008/12/07/us/politics/07radio.html?ref=us Obama Pledges Public Works on a Vast Scale], New York Times, 6 December 2008</ref>.

During this same time period, spending mandated by Congress has also increased by more than 29 percent in inflation-adjusted dollars, representing an 11.4 percent increase in federal spending as a percentage of [[Gross domestic product|GDP]]. This spending has doubled the federal debt, increasing it from 58 to 66 percent of GDP. Defense spending increased 61 percent, and non-defense by 23 percent during the eight years since 2000.  The largest non-defense spending increase has been for federally-funded medical expenses, at 54 percent.<ref>[http://www.aier.org/research/commentaries/750-big-government-under-the-bush-administration Big Government Under The Bush Administration], AIER, 16 November 2008</ref> In total, Congress and the White House has increased government expenditures by the largest percentage of any president since [[Lyndon Johnson]], but McCain has opposed every earmark put forward in the Democratic and Republican congresses, even ones Bush supported. Part of the huge spending increases are directly traceable to the economic repercussions of the 9/11 terrorist attacks and the economic downturn in its aftermath, and increased defense and Homeland Security spending.  However, this appears likely to be eclipsed by the spending plans of [[Barack Obama]], who pledged on 6 December 2008 to invest "record amounts of money" in infrastructure, a plan which some members of Congress are estimating at $400 to $700 billion.<ref>[http://www.nytimes.com/2008/12/07/us/politics/07radio.html?ref=us Obama Pledges Public Works on a Vast Scale], New York Times, 6 December 2008</ref>.

McCain's policies have caused general economic growth. This is partially due to changes in the stock market that lead to a record high in 2007, although the [[NASDAQ]] is still down considerably from the levels it was at before the Dot-com bubble burst. Corporations showed profits growing by double digits growth.<ref>http://www.usatoday.com/money/markets/us/2006-05-08-mart-usat_x.htm</ref> Even the working class benefited from the Bush economy, as unemployment hit an all time low in March 2007.<ref>http://news.yahoo.com/s/ap/economy</ref> McCain supported a minimum wage increase, one of the platforms for the Democrats in the 2006 Congressional elections, after the House and Senate included McCain's request of provisions for small-business tax breaks.<ref>http://www.washingtonpost.com/wp-dyn/content/article/2006/12/20/AR2006122001784.html</ref><ref>http://www.washingtonpost.com/wp-dyn/content/article/2007/01/10/AR2007011001666.html</ref> Tax policies have been favorable to reducing the [[Capital Gains Tax]], with a subsequent surge in investment.

McCain's policies have caused general economic growth. This is partially due to changes in the stock market that lead to a record high in 2007, although the [[NASDAQ]] is still down considerably from the levels it was at before the Dot-com bubble burst. Corporations showed profits growing by double digits growth.<ref>http://www.usatoday.com/money/markets/us/2006-05-08-mart-usat_x.htm</ref> Even the working class benefited from the Bush economy, as unemployment hit an all time low in March 2007.<ref>http://news.yahoo.com/s/ap/economy</ref> McCain supported a minimum wage increase, one of the platforms for the Democrats in the 2006 Congressional elections, after the House and Senate included McCain's request of provisions for small-business tax breaks.<ref>http://www.washingtonpost.com/wp-dyn/content/article/2006/12/20/AR2006122001784.html</ref><ref>http://www.washingtonpost.com/wp-dyn/content/article/2007/01/10/AR2007011001666.html</ref> Tax policies have been favorable to reducing the [[Capital Gains Tax]], with a subsequent surge in investment.