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Tax revenues accounted for 19.8 percent of gross domestic product in 2001. They have dropped as a percentage in each of the last three years to a low of 16.3 percent of GDP in 05...and will drop even more once the last round of cuts kick-in this year.
The tax cuts, along with Iraq war costs, are most responsible for the total loss of the budget surplus that Bush inherited.
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"The perfect is the enemy of the good."
~ Voltaire
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