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Why America Is Going To Miss The Bush Tax Cuts (Enjoy the recession that's coming, you voted for it)
Forbes ^ | 12/07/2012 | Peter Ferrara

Posted on 12/07/2012 6:41:41 AM PST by SeekAndFind

President Obama seems to have a strategy to terminate all of the Bush tax cuts, not just those for “the rich,” as he has been saying since 2008. He is offering the Republicans exactly zero concessions in the “fiscal cliff” negotiations. No spending cuts, no entitlement reform, no compromise on the rates. It is entirely my way or the highway, and if the Republicans refuse to do everything exactly as he demands, he will let the Bush tax cuts expire entirely, for the middle class and working people as well as the upper incomes, and blame the Republicans for refusing to go along with him, and for the economic results.

It is a cynical game worthy of an undeveloped, third world country, not the United States of America. But this is just one more reason, with many more to come, for the American people to regret the mistake they made on Election Day.

Because so many major media institutions, like the New York Times and the Washington Post, have been so duplicitous and dishonest in discussing the Bush tax cuts, most Americans don’t know much about them, even though they have been living with them for 10 years or more now. Indeed, most of what they think they know is not true. But the American people will understand them better, when they see what life is like without them.

President Bush and his Congressional Republican majorities at the time cut taxes for everyone in the 2001 and 2003 tax cuts. Indeed, they cut more for lower and middle income taxpayers than they did for “the rich,” as Obama calls the nation’s job creators, investors, and successful small businesses. The top tax rate was cut by only 13%, while the lowest rate was cut by one-third, 33%.

(Excerpt) Read more at forbes.com ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: bush; recession; taxcuts; taxes; taxrateincreases; taxrevenuecuts

1 posted on 12/07/2012 6:41:47 AM PST by SeekAndFind
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To: SeekAndFind

Enjoy this Christmas while you can. Everybody’s taxes are going to skyrocket. The AMT will be a big hit in 2013.


2 posted on 12/07/2012 6:47:35 AM PST by DownInFlames
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To: SeekAndFind

The minorities/young sluts/union ObamaBots should be the first ones fired in the coming Depression. It will be their “shared sacrifice” for stupidly voting for The First Marxist President again.


3 posted on 12/07/2012 6:49:16 AM PST by txrefugee
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To: DownInFlames

4 posted on 12/07/2012 6:51:27 AM PST by MinorityRepublican
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To: SeekAndFind

Don’t worry...the Repubbies will give in like good little wussies and let the middle class keep the Bush tax cuts so that Obummer will remain a hero.


5 posted on 12/07/2012 6:54:08 AM PST by Fawn (GIVE OBAMA EVERYTHING HE WANTS--Get out of they way for BLAME)
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To: txrefugee
“shared sacrifice”

I think I saw a post in this forum that $29,000 plus benefits was equivalent to $56,000 from earnings.

6 posted on 12/07/2012 7:06:10 AM PST by I am Richard Brandon
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To: SeekAndFind

I am beginning to buy into the argument for the republicans to just vote ‘present’. Let the dems do what they want and own it.

We all know what is going to happen when they have their way...economic chaos. Let them.....it will be a painful lesson the American people will never forget.


7 posted on 12/07/2012 7:07:24 AM PST by penelopesire (TIME FOR OBAMA TO ANSWER FOR BENGHAZI UNDER OATH!!)
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To: penelopesire

Yes the American people will never forget the times to come if the Republicans vote present. They will never forget that Obama was there for them and bailed them out with welfare programs. They will elect Dems for a full generation.

FDR didn’t win 4 terms even though the economy was in the tank for nothing.


8 posted on 12/07/2012 7:10:28 AM PST by impimp
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To: txrefugee
The Bush tax cuts also included a doubling of the child tax credit from $500 per child to $1,000 per child. Because of that, and the 33% cut in the bottom tax rate, nearly 8 million more people dropped off the federal income tax rolls entirely, paying zero federal income taxes. Indeed, under the Bush tax cuts, the bottom 40% of all income earners not only paid no federal income taxes, as a group on net. By 2009, they were being paid cash by the IRS equal to 10% of all federal income taxes.

A whole lot of people are going to miss this big, fat de facto welfare check they used to receive from the government every year.

"B-b-but I've always used my "tax" returns to pay off my credit card bills! Now what are we going to do?"

9 posted on 12/07/2012 7:20:47 AM PST by Drew68
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To: impimp

You have to remember that Obama’s real goal is to raise taxes on everyone. The so called rich tax will not be enough. He doesn’t have the money to install a permanent welfare state. Wait until he steals everyone’s 401. Economic collapse and inflation will be the end game of democrat policies. There isn’t a thing the republicans can do to stop this disaster anyway I don’t think. We don’t control the senate.


10 posted on 12/07/2012 7:25:15 AM PST by penelopesire (TIME FOR OBAMA TO ANSWER FOR BENGHAZI UNDER OATH!!)
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To: SeekAndFind

But.....but....but...... I thought those tax cuts only benefited the evil rich?


11 posted on 12/07/2012 7:30:36 AM PST by BO Stinkss
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To: MinorityRepublican

I wish I could cut and paste that pic, I’d love to send it to my sister.


12 posted on 12/07/2012 7:30:42 AM PST by Undecided 2012
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To: SeekAndFind; ding_dong_daddy_from_dumas; DoughtyOne; Gilbo_3; Impy; stephenjohnbanker; NFHale; ...
Some of those taxes are going back up so this has to happen or Republicans will never be believed again,

In fact they have little credibility now, so they better not have been spinning on this all this time.

13 posted on 12/07/2012 7:31:27 AM PST by sickoflibs (Has Bohner caved yet? And called it historic again?)
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To: SeekAndFind

Enough of this sh*t.

The GOP-led House should pass a bill codifying ALL of the Bush tax rates, with NO surrender on the debt ceiling, and NO further negotiations until Obama comes to THEM with a proposal for cutting entitlement spending. Send it to the Senate and tell Harry Reid and Obama, “what you see is what you get. You won’t cut; we won’t hike. And HELL NO on giving you carte blanche on the debt ceiling. If we go over this fiscal cliff, it’s on you!!”

They should call a press conference to explain it to the public, go on the holiday break and re-send the same bill (which will undoubtedly die in the Senate) after January 1.

Screw them and the people who voted for them. They all need a hard dose of tough-love.


14 posted on 12/07/2012 7:31:55 AM PST by ScottinVA (I've never been more disgusted with American voters.)
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To: impimp

Republicans shouldn’t ever vote present for anything. They control the House for crying out loud, there is no reason to vote present. If all the facts and figures in this article are accurate, the GOP should sell this to the American Public. Just the fact that taxes on everyone but the rich were cut 33% while the cuts for the rich were cut 13% is a winning argument. If the facts in this article are true, how in the world did the GOP just go through an election cycle without bringing them up?


15 posted on 12/07/2012 7:35:05 AM PST by Windy City Conservative
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To: SeekAndFind
"To every thing there is a season, and a time for every purpose under the heaven:
a time to be born, and a time to die;
a time to plant, and a time to pluck up that which is planted;
a time to kill, and a time to heal;
a time to break down, and a time to build up;
a time to weep, and a time to laugh;
a time to mourn, and a time to dance;
a time to cast away stones, and a time to gather stones together;
a time to embrace, and a time to refrain from embracing;
a time to get, and a time to lose;
a time to keep, and a time to cast away;
a time to rend, and a time to sew;
a time to keep silence, and a time to speak;
a time to love, and a time to hate;
a time of war, and a time of peace."

And, I guess, a time to fold.

It's pitiful isn't it?

16 posted on 12/07/2012 7:35:31 AM PST by Tau Food (Never give a sword to a man who can't dance.)
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To: SeekAndFind

It will create irresistible demands for Government to become a much bigger employer. Something else Obama wants.


17 posted on 12/07/2012 7:36:37 AM PST by Buckeye McFrog
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To: ScottinVA

Exactly; unfortunately, it seems the votes that the media ever takes seriously are those that are stupid bipartisan deals. There is never anymore than a mention when the House votes for a good bill. As long as Harry stands in the way in the Senate, the media doesn’t cover the fact that the House has done its job.


18 posted on 12/07/2012 7:54:25 AM PST by Windy City Conservative
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To: Undecided 2012
I wish I could cut and paste that pic, I’d love to send it to my sister.

It's easy. If you have html or rich text email, just right click on the picture and select the 'copy' option. Open a new email and go to the body area and right click again and hit 'paste'.

If you have plain text email, you have to save it to your desktop. Right click and hit the 'save picture as' option and save to your desktop. Then open a new email and hit the 'add attachment' option from your email format, hit browse and add the picture.

19 posted on 12/07/2012 8:09:26 AM PST by Arrowhead1952 (0 bummer inherited a worse economy in 2012 than he did in 2008.)
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To: Windy City Conservative

“...... If all the facts and figures in this article are accurate, the GOP should sell this to the American Public. Just the fact that taxes on everyone but the rich were cut 33% while the cuts for the rich were cut 13% is a winning argument. If the facts in this article are true, how in the world did the GOP just go through an election cycle without bringing them up?”

There in lies the main problem. Our republican leadership can’t explain conservative principles to save their lives! Because too many of them don’t really believe in them. I just watched Boehner make a fool of himself yet again this morning with his presser. It was pathetic. He had several opportunities to slam dunk the media and he just stood there like an idiot.


20 posted on 12/07/2012 8:30:58 AM PST by penelopesire (TIME FOR OBAMA TO ANSWER FOR BENGHAZI UNDER OATH!!)
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To: ScottinVA
Screw them and the people who voted for them. They all need a hard dose of tough-love.

I agree/ Uk em. I've got a sack full of krugerrands so to hell with them, let em sink.

21 posted on 12/07/2012 8:46:12 AM PST by Mr Apple
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To: penelopesire

“it will be a painful lesson the American people will never forget”

I expect it will be a painful lesson that the American people will never learn.

The dems won’t own it, because they own the media, which will continue to sucessfully dupe the electorate into believing that the dastardly republicans hijacked Obama’s presidency and produced economic chaos that he couldn’t possibly prevent.

The obama voters remind me of a particularly stupid dog that doesn’t notice it’s being led into a kennel because someone is dangling a treat in front of its eyes.


22 posted on 12/07/2012 8:55:39 AM PST by BlatherNaut
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all of the Bush tax cuts(sic)

Peter Ferrara is an economic moron.

When the current tax rates are increased, tax revenues will decrease since the economy is dynamic not static and that will produce the actual tax cut.

23 posted on 12/07/2012 9:09:45 AM PST by A.A. Cunningham (Barry Soetoro can't pass E-verify)
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To: BlatherNaut

Dittios on the stupidity of the electorate.....especially Obama drones. The man is acting like a dictator worthy of a banana republic, yet no one seems to mind.


24 posted on 12/07/2012 9:17:00 AM PST by penelopesire (TIME FOR OBAMA TO ANSWER FOR BENGHAZI UNDER OATH!!)
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To: ScottinVA

I really don’t understand this. Federal spending has been determined through continuing resolutions since 2006, not Congressional budgets.

There is nothing to discuss in the expiration of the Bush tax cuts since they are reaching their legislative ‘sunset’ date.

Either Obama agrees with Congress and continues some or all of the cuts or they automatically expire. Either way he owns it since spending is no longer set by Congress.


25 posted on 12/07/2012 9:45:55 AM PST by Justa
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To: Drew68

Yep. Why should your “tax refund” be greater than the amount of tax than you actually pay? It isn’t a refund, it is a transfer from someone else.


26 posted on 12/07/2012 9:47:43 AM PST by philled (If this creature is not stopped it could make its way to Novosibirsk!)
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