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Bush’s Tax Cuts Aren't the Problem – It Was His Tax Increases
Flopping Aces ^ | 09-27-12 | Brother Bob

Posted on 09/27/2012 10:52:14 AM PDT by Starman417

A favorite but of misinformation from the left is its assertion that Bush's tax cuts for the wealthy are one of the main causes of our federal government's fiscal woes. First off, the critics conveniently ignore that Bush's tax cuts were for all federal income tax payers, not just the wealthy, and second, federal tax revenues collected under the Bush economy were at all time highs. Don't take my word for it - check out The White House's web site. The problem wasn't Bush's tax cuts, it was his tax increases.

Which tax increases? Take a look at that same page that shows Bush's revenues being at all time highs - so was his spending, at least until his successor took office. A quick glance immediately shows how even though Bush raised record levels of tax revenue, he was spending our money at a faster rate than he was bringing it in. When you get down to it, all government spending is paid for by taxes, whether you call it a tax or something less honest like a "fee" or a "penalty." A while back I believe it was Cafe Hayek that defined deficit spending as something to the effect of "A tax increase that simply has not been levied yet." In other words, since all government money has to come from wealth created in the private sector, any deficit spending is technically a tax increase. I would also argue that it is an incredibly cowardly way for politicians to hand out goodies today at the expense of others in the future.

So how much did Bush cost us with his tax increases? Using my handy-dandy progressive income tax calculator [1] to ensure that 1) everybody pays and 2) everyone pays their "fair share", I come up with the total Bush tax increases looking something like this:

(I know the images may not be showing well. Click on any table for a better view)

You probably know where I'm going with this. Unlike all of the leftists who howled in protest over the Bush deficits who now have nothing but love for the debt incurred under President Obama, we're going to now add the Obama debt and extrapolate out based on debt projections roughly what their tax increases will amount to. For fun I thought I'd go back as far as Reagan to see which presidents in modern times have levied the biggest Deficit Tax increases on our country:

(excerpt) Read more at floppingaces.net...


TOPICS: Business/Economy; Government; Politics
KEYWORDS: bush; obama; tax

1 posted on 09/27/2012 10:52:18 AM PDT by Starman417
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To: Starman417
A quick glance immediately shows how even though Bush raised record levels of tax revenue, he was spending our money at a faster rate than he was bringing it in

Repeat that over and over and over again. Lyndon Baines Bush spent like a drunken sailor. And don't start making excuses about how its really Congress that spends the money. Bush proposed spending binge budgets even when he had a "Republican" Congress, and they passed Bush's budgets. He never vetoed anything. And it wasn't just military spending. Domestic social spending and entitlements increased by double digits under Bush.

2 posted on 09/27/2012 10:59:58 AM PDT by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: Opinionated Blowhard

We don’t have a revenue problem; we have a spending problem!
Cut taxes and cut spending!


3 posted on 09/27/2012 11:02:31 AM PDT by folkquest (Nothing is fool-proof because fools are so ingenious!)
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To: Starman417

Wow, what a stupid article.

When you are on the right side of the Laffer Curve, tax RATE decreases increases tax REVENUES.

Spending also originates in the House not the White House.


4 posted on 09/27/2012 11:25:34 AM PDT by arrogantsob (The Disaster MUST Go. Sarah herself supports Romney.)
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To: Opinionated Blowhard

So Reagan increased taxes?


5 posted on 09/27/2012 11:27:24 AM PDT by arrogantsob (The Disaster MUST Go. Sarah herself supports Romney.)
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