Posted on 07/27/2010 5:42:17 AM PDT by Sequoyah101
The 2001 Economic Growth and Recovery Tax Act was George Bush’s version of Barack Obama’s stimulus plan. However, instead of creating a bunch of temporary government jobs and subsidizing the expansion of government, it cut tax rates, increased the child tax credit, increased the standard deduction for married couples, and increasing contribution caps for a variety of savings programs. The result? The recession ended in November of 2001. (Source)
But, September 11, 2001, happened as the economy was recovering and throughout 2002, the economy grew at an anemic rate. The Jobs and Growth Tax Relief Reconciliation Act of 2003 revved up the 2001 tax cut package and cut taxes again on dividends and capital gains.
The result?
Under George W. Bush’s “tax cuts for the rich” the rich paid more in taxes in 2005 than any time in the prior 20 years. In fact, as the Wall Street Journal noted, thanks to George W. Bush’s tax cuts for the rich, the richest one percent went from paying 25% of all income taxes in 1990 to 39% in 2005. The richest 5% went from paying 44% of all income taxes in 1990 to paying 60% of all income taxes in 2005.
Likewise, after the 2003 tax cuts, the unemployment rate fell to the lowest level since World War II. Let me repeat that: the Bush economic program created the lowest unemployment level ever. In fact, economists liken it to full employment given the demographic composition of those who were left on the unemployment line.
(Excerpt) Read more at redstate.com ...
Check your own tax increase... you all are probably going to get one. I hesitate to mention that he rate increases for the lowest wage earners will be higher than for anyone else with the rate increasing 50% from 10% of Adjusted Gross Income to 15%.
Yea buddy, the Bush tax cuts were all about the rich weren't they? We tried to point out that the lowest wage earners got a bigger tax cut than anyone else back in 2001 and 2003 but NO... the rats didn't just twist the truth, they ignored it and lied instead by telling just the opposite.
http://www.mytaxburden.org/
For all the idiots who voted for obastard... how you likin' the change now you putz? You idiots have killed us all.
As a small business owner, I have been preparing for an increase since mid-2007 when Charlie Rangel, chairman of ways and means proposed the ‘mother of all tax hikes’.
I guarantee there will be NO increase of revenue with any tax increase.
The fact is the Bush tax cuts were weighted to the low end and thus actually STEEPENED the progressiveness of the income tax. Imagine the boom that would ensue if a tax cut was done right.
Eggsactly!
The bottom two quintile actually make over 7% PROFIT from the tax cuts.
I may have received a tax cut from the Federal Government but believe you me I now have ‘taxes’ that I never had before, like a ‘Commercial Activity Tax’ and a “Universal Carrier Fee’.
Let's not forget the retirees who's main source of income is dividends and capital gains,
but it's only the rich who will be effected </s>
The Bush tax cuts were certainly more effective than Obama’s spending but they were not done in isolation. There was a huge increase in government spending along with the Bush tax cuts and a number of changes to the law that prompted the temporary housing bubble :
1) a change to short capital gains taxes with respect to houses,(flipping)
2) Eliminating a down payment requirement as part of a poor minority home loan program(bad loans high interest rates=temporary profits)
3) Federal reserve artificially low interest rates to banks
The housing bubble in itself temporary increase in employment and tax revenues. That was due to a temporary massive credit expansion of money supply,
It is sad but the supply side argument is lost with most people once you use the name ‘Bush’. A huge success under Bush would have meant no Obama as president.
re: “rats ... lied”
It wasn’t just the rats. Conservatives stupidly lied when telling the truth would have better served their cause.
For example Sean Hannity repeatedly lied and lied and lied about taxes. Then he’d debate Robert Reich and repeatedly embarass himself with the lies. Reich would point out the truth and cause Hannity to back pedal and lose credibility.
The weird thing is that if Hannity had told the truth it would have served the low tax cause better than for him to try to lie.
| Taxpayer by Marital Status, Taxable Income |
Pre-2001 Code | Bush Plan by 2006 | |
| Single, | $0-6,000 | 15% | |
| 10% | |||
| Single, | $6,000-27,050 | 15% | |
| 15% | |||
| Single, | $27,050-65,550 | 28% | |
| 25% | |||
| Single, | $65,550-136,750 | 31% | |
| 25% | |||
| Single, | $136,750-297,350 | 36% | |
| 33% | |||
| Single, | $297,350+ | 39.6% | |
| 33% | |||
| Married, JF | $0-12,000 | 15% | |
| 10% | |||
| Married, JF | $12,000-45,200 | 15% | |
| 15% | |||
| Married, JF | $45,200-109,250 | 28% | |
| 25% | |||
| Married,JF | $109,250-166,500 | 31% | |
| 25% | |||
| Married, JF | $166,500-297,350 | 36% | |
| 33% | |||
| Married, JF | $297,350+ | 39.6% | |
| 33% |
Bush blew it. He spent like a drunkin sailor
He thought he could ‘buy’ love. But the more he spent, the more they wanted.
Never have thought much of Hannity.
I actually could not agree more. He was duped but he signed the bills. By way of making some allowance for him, and I think he is due none, I think he was so focused on countering terrorism that he let others run the rest of the show and signed away his credibility.
Someone else posted all the negative things done under his watch that were not fiscally responsible, and I agree with that assessment. But let’s keep to the matter at hand... the current intentional and systematic destruction of all future productivity and freedom in this country.
Fair enough that Bush did some things wrong. However, let us stick to the more important matter at hand... the systematic destruction of all that was what made the country great.
I do not believe you can attribute the incentives in the poor an minority home s program to Bush alone. Wasn’t this die cast by Clinton and just executed by Fannie and Freddie et al? I though it insane when it began and think it just as insane now. When I saw people making far far less than others whom I considered well off buying obscene houses I knew the jig was up. They didn’t even have the ability to maintain the houses, heat and cool them let alone afford them.
The Achilles heel of capitalism is greed. Banks and all were driven by greed for the short term gain and sank their share holders for the long term.
Yes, Bush and the ‘pubbies blew it but not nearly as bad as this gang is intentionally destroying all that they can.
ping
bttt
“I actually could not agree more. He was duped but he signed the bills. “
He INITIATED them....
Bush-Kennedy NCLB
Medicare D
Amnesty with chain migration
Bush paved the way for Obama/Pelosi by talking capitalism and supply side but actually acting progressively. And by 2008 (with the democrat congress) he was acting with them, just like them.
But my point relevant to this thread is that there was a housing bubble and government spending with the tax cuts so he made it impossible to prove the actual good the tax cuts did. It will take Democrats failing to renew the tax cuts now showing bad consequences to destroy the current democrat myth that :”Clinton's tax increases saved the economy and Bush's tax cuts (for the rich) destroyed it”. It is important that Republicans call it the Obama tax increase when that happens.
Excellent post. Unfortunately, although they can explain why the "Clinton Boom" occurred despite tax hikes, too few "conservative talkers" understand the whole truth about Bush vs. Obama, let alone state it out loud.
” too few “conservative talkers” understand the whole truth about Bush vs. Obama, let alone state it out loud “
True
Hannity’s heart is mostly in the right place. But his brain is awol.
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