http://counterpunch.org/hudson04172008.html
"In an argumentative mode, the moderator pointed out the long-discredited
'supply side' Republican rationale for tax cuts. Is it not true, he asked,
that each time the capital gains tax was cut, receipts increased? He did
NOT
explain that asset-price inflation had gone hand in hand with tax cuts.
Nor
did he note the fact that some 80% of the tax is in land-price
gains--gains
that speculators made 'in their sleep' while Mr. Greenspan at the Federal
Reserve was flooding the real estate bubble with credit."
