Bush stressed that point in his speech to Congress. That is far more than our economy grew, far more than personal income grew, and far more than the rate of inflation. But even that isn't the strongest case for tax relief now. They are too high as a matter of raw dollars and cents. That is a fortune so vast it boggles the mind.
Taxes are at an all-time high even after taking inflation into account.
Even when compared with the overall economy, taxes are at record-breaking levels. Never in peacetime has Washington consumed more of the nation's wealth. True, our income has been growing. But taxes have been growing much faster. Since 1992, personal income has risen, on average, 5.6 percent per year.