The economy enjoyed extraordinary productivity gains and growth on the heels of two increases in marginal rates for high-income citizens. Increased revenues come from the sliver of the population that has reaped the lion's share of the economic gains, and their after-tax income also has soared. If budget surpluses aren't refunded via tax cuts, they will be squandered through spending increases. Discretionary domestic spending as a share of the total economy is the same level today as it was in the early 1960s. Even with more spending, much of the surplus still could be saved to help future generations.
Projected surpluses are so big that a large tax cut is fiscally responsible.
The underlying numbers suggest otherwise. Most of the accumulating surplus is in federal trust funds. Reasonable budget projections leave much less room for tax cuts and new spending during the next decade than Bush officials assume. Which brings us back to the Willing Taxpayers of America. We are a sensible, decent people, fully capable of making reasoned judgments about how to provide for our families, communities and country, this generation and those that will follow.