10 year anniversary of the Bush tax cut

  1. You have chosen to ignore posts from lawboy. Show lawboy's posts

    10 year anniversary of the Bush tax cut

    This month marks the 10th anniversary of the first of the two tax cuts sought by the President George Bush. The Economic Growth and Tax Relief Reconciliation Act was enacted in 2001 to be followed, in 2003, by the Jobs and Growth Tax Relief Reconciliation Act. Ten years later, it is time we assess the actual results of these tax cuts, looking at economic performance rather than political promises. The results have been a disaster for the U.S. economy and for almost all of the American people. We have experienced very slow income and employment growth for the vast majority of families, an extremely unequal distribution of the direct financial benefits from these measures, and, very slow growth in the economy as a whole.

    As someone who has personally received these tax cuts during the past 10 years, I feel it is my responsibility to speak out.

    Supporters of tax cuts for high income households, such as House Speaker John Boehner, argue that wealthy people are the "job creators" and that tax cuts will encourage them to create jobs and that these new jobs will, in turn, increase employment opportunities and improve the wages of the remainder of the population. Did any of these benefits occur after the Bush tax cuts? The quick and accurate answer is, no, they did not. Adjusted for inflation, the median weekly earnings of working Americans actually fell by 2.3 percent from the end of the 2000-01 recession to the onset of the Great Recession. This is unique in the post-World War II period. Further, the recovery from the 2000-01 recession was the slowest of any post-World War II recession to date, requiring 39 months before the number of employed Americans reached the pre-recession level. Where is even a scintilla of evidence that tax cuts such as those passed in 2001 and 2003 generate income and employment growth for the vast majority of the population?

    A significant part of the failure of the Bush tax cuts to generate jobs and income growth flows from the top-heavy distribution of the benefits conveyed by these measures. The vast bulk of the reduced taxes were reaped by a very small number of families. In 2011, the average tax reduction to families receiving an income of $1 million or more (about 321,000 families) will be $139,199. For this less than 0.5 percent of all families this is a reduction in taxes of $860 million/week. Compare these tax benefits to the yearly savings proposed by cutting the WIC program: $833 million. An obvious question is, why can't this very small group of extremely high income families give up just one week of their tax cut to provide nutrition for the tens of thousands of women and children that benefit from the WIC program?

    More significantly, in light of the deficit hysteria gripping Washington D.C., the combined impact of the 2001 and 2003 Bush tax cuts has been the addition of more than $2.6 trillion to the federal debt. This included more than $400 billion in interest payments on the debt necessary to pay for the cuts.

    Of course, one might forgive these policy failures if the promise of economic growth had been fulfilled. On this measure, however, the record is even worse. The 2000-01 recession ended in the fourth quarter of 2001, just in time for the first Bush tax cut to take effect. From the end of the recession until the onset of the Great Recession, the economy grew at a slower rate than in any other post recession period since World War II. Thus, despite promises from the advocates of the tax cuts, the reality was slower growth rather than faster growth. The additional tax cut in 2003 did nothing to increase the pace of economic growth.

    In sum, the Bush tax cuts were a bad idea at the time and are an even worse idea today. Ending these cuts for incomes over $250,000 would generate over $100 billion/year in additional revenue. If we also created additional tax rates for very high-income families (e.g. at $500,000, $1,000,000, $5,000,000 and $10,000,000) we could increase federal revenue by more than double that amount and put us on the road to reducing deficits and debts.


     
  2. You have chosen to ignore posts from BobinVa. Show BobinVa's posts

    Re: 10 year anniversary of the Bush tax cut

    Moonbat logic...
    The Bush tax cuts are 100% responsible for job growth that was not robust enough in the early 2000s..

    Yet the disastrous Obama stimulus, under which unemployment skyrocketed  and job growth was nonexistent, is given major credit by these moonbats for "keeping us out of a Depression.".....It could have been worse, say the moonbats.

    Perhaps the Bush tax cuts kept things from getting worse, no?

     
  3. You have chosen to ignore posts from massmoderateJoe. Show massmoderateJoe's posts

    Re: 10 year anniversary of the Bush tax cut

    Just think  how bad the economy would have been without the Bush tax cuts.
     
  4. You have chosen to ignore posts from BilltheKat. Show BilltheKat's posts

    Re: 10 year anniversary of the Bush tax cut

    In Response to Re: 10 year anniversary of the Bush tax cut:
    Just think  how bad the economy would have been without the Bush tax cuts.
    Posted by massmoderateJoe


    worse?
    Hahahahahahahahahahaha! Oy.
     
  5. You have chosen to ignore posts from WhichOnesPink. Show WhichOnesPink's posts

    Re: 10 year anniversary of the Bush tax cut

    In Response to Re: 10 year anniversary of the Bush tax cut:
    In Response to Re: 10 year anniversary of the Bush tax cut : worse? Hahahahahahahahahahaha! Oy.
    Posted by BilltheKat


    Way to back your reply up with actual facts! Oy.
     
  6. You have chosen to ignore posts from IamYourDaddy. Show IamYourDaddy's posts

    Re: 10 year anniversary of the Bush tax cut

    Moonbats will never understand .... tax cuts are not suppose to generate revenue for the government. Is always the idea to let the taxpayer (the people) control of their money to increase or expand the economy.

    To say that it did not generate income growth is another lie.


    Market Size Update - Growth of Affluent Market

    Rebound falls short of previous high level
    Market Size Update

    There are 36 million household with net worth over 100k (minus their home) about 1/3 of all household in the US

    The poverty rate has been the same for the last 40 years around 12-14% of population



    So where did these new  wealthy come from ... oh the middle class just got richer
     
  7. You have chosen to ignore posts from beKool. Show beKool's posts

    Re: 10 year anniversary of the Bush tax cut

    Unfunded tax cuts that made things worse are a good thing to wing nuts.And they want more for the wealthy Imagine that.
     
  8. You have chosen to ignore posts from IamYourDaddy. Show IamYourDaddy's posts

    Re: 10 year anniversary of the Bush tax cut

    In Response to Re: 10 year anniversary of the Bush tax cut:
    Unfunded tax cuts that made things worse are a good thing to wing nuts. Imagine that.
    Posted by beKool


    Need a buck?
     
  9. You have chosen to ignore posts from beKool. Show beKool's posts

    Re: 10 year anniversary of the Bush tax cut

    In Response to Re: 10 year anniversary of the Bush tax cut:
    In Response to Re: 10 year anniversary of the Bush tax cut : Need a buck?
    Posted by IamYourDaddy


    In fact no , that must be why you dont see me crying about my money like you losers huh ?  
     
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  11. You have chosen to ignore posts from beKool. Show beKool's posts

    Re: 10 year anniversary of the Bush tax cut

    In Response to Re: 10 year anniversary of the Bush tax cut:
    In Response to Re: 10 year anniversary of the Bush tax cut : Unfunded tax cuts???? What kind of bullshiite is that? Why don't we just hand over all we make to Obama and the Democrat social programs? How's that for you BESTool? WOuld that be enough? Even that won't pay for what you want, so what do you want next? Do you want me to "loan" you my 401K in return for worthless IOU's like I do for what I put in to Social inSecurity? Aside from that, I see that lawgirl has opted for the cut-and-paste brain fahrt. You have taught him well.
    Posted by Newtster


    Didnt you say you were going to drink some whine ? You didnt need to share it with the board. LMLAO
     
  12. You have chosen to ignore posts from BobinVa. Show BobinVa's posts

    Re: 10 year anniversary of the Bush tax cut

    Only the diseased government-lackey mind of a progressive can come up with a phrase like "Unfunded tax cuts".

    Income lawfully earned is owned by those who worked for it; not the freaking government, and not the leeches who want something for nothing.
     
  13. You have chosen to ignore posts from BilltheKat. Show BilltheKat's posts

    Re: 10 year anniversary of the Bush tax cut

    In Response to Re: 10 year anniversary of the Bush tax cut:
    In Response to Re: 10 year anniversary of the Bush tax cut : Way to back your reply up with actual facts! Oy.
    Posted by WhichOnesPink


    Is that necessary for the short term memory crowd? Use google.com.
    next.
     
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  16. You have chosen to ignore posts from WhichOnesPink. Show WhichOnesPink's posts

    Re: 10 year anniversary of the Bush tax cut

    Is that necessary for the short term memory crowd? Use google.com.
    next.
    posted Billthecat



    Hahahaha....typical response from someone who can't back up their claim. Next.
     
  17. You have chosen to ignore posts from skeeter20. Show skeeter20's posts

    Re: 10 year anniversary of the Bush tax cut

    Can you imagine the pit of economic despair we would be in if not for the tax cuts?  What would the progressives have done?  Push for MORE tax increases?

    Bush was no conservative, and had a relatively weak grasp of economics, relatively weak only in that Obama outshines him in economic ignorance.

    The more ogvernment fails at managing the economy, the more they attempt to do, with every increasingly poor results.  The federal government is doubling down on every bad economic decision.  Read Hayek, get a view into what is going on here.
     
  18. You have chosen to ignore posts from WhichOnesPink. Show WhichOnesPink's posts

    Re: 10 year anniversary of the Bush tax cut

    "threw"

    My god....sigh
     
  19. You have chosen to ignore posts from WhichOnesPink. Show WhichOnesPink's posts

    Re: 10 year anniversary of the Bush tax cut

    WhatDoYouWantNow doesn't even realize how HE "ref's" me....gotta love the irony...
     
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  21. You have chosen to ignore posts from lawboy. Show lawboy's posts

    Re: 10 year anniversary of the Bush tax cut

    he just continuing the progressive/liberal agenda of Dubya....oppsie
     
  22. You have chosen to ignore posts from WhichOnesPink. Show WhichOnesPink's posts

    Re: 10 year anniversary of the Bush tax cut

    Oh, just pointing out that you are a stupid bitch-.



    Spin it any way you need to in order to justify it in your head. Weeeeeeeeee
     
  23. You have chosen to ignore posts from skeeter20. Show skeeter20's posts

    Re: 10 year anniversary of the Bush tax cut

    In Response to Re: 10 year anniversary of the Bush tax cut:
    Ah, the tax cuts Obama just extended.   Surely, if the supposed failure of these tax cuts is so stunningly obvious (and do NOT look at the graph above!), then extending them is just plain STUPID , right?  Uh oh...Houston, we have a problem. Ah, the bailouts Obama extended Ah, the troop surge Obama extended Ah, the TARP Obama extended Ah, the stimulus Obama extended Ah, the "unconstitutional", Faith Based Initiatives, that Obama ramped up 500% ! Sans health care, has this guy done anything Bush didn't do first?
    Posted by GreginMeffa


    I did not know Obama ramped up the unconstitutional faith-based handouts.  I bet the number of progressive groups that are now "faith based" groups has skyrocketed.

    I was never interested in government handing out money to various faith based groups.   the government needs to get out of the charity business.
     
  24. You have chosen to ignore posts from WhichOnesPink. Show WhichOnesPink's posts

    Re: 10 year anniversary of the Bush tax cut

    Always do ; )
     
  25. You have chosen to ignore posts from BilltheKat. Show BilltheKat's posts

    Re: 10 year anniversary of the Bush tax cut

    In Response to Re: 10 year anniversary of the Bush tax cut:
    In Response to Re: 10 year anniversary of the Bush tax cut : I'm glad you're enjoying yourself.
    Posted by WhatDoYouWantNow


    Sparring with pinkeye is like talking to a four year old.
     
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