WSJ: Bush's Big Bang

Wall Street Journal ^ | jan 9, 2003 | Editorial

[The Raven]

We were hoping for a big and bold tax cut from President Bush and, by George, we got one. Yesterday Mr. Bush drew a bead on the twin shibboleths of bad tax policy -- the fear of budget deficits and of benefiting middle- and upper-income workers -- and pulled the trigger.

[The Raven]

[Coincidentally the title of a NY Post's editorial]

I wonder what the rates on income would be if we were taxed like Medicade - a percentage of the first $130k of income AND THEN ZERO AFTER THAT. That would be a real fair tax (the fairest of course, is sending an annual tax bill for expenditures divided by the number of adults).

[Arthur Wildfire! March]

I'm bubbling over since I heard about Bush's plan. Man oh man oh man! Bush doesn't brag. He just does it. Ka-boom! It's almost like seeing Clintoon in reverse. Rats still reeling from one problem, and then another hot potato is thrown in their lap. Before they can throw that one away, in comes another.

You look at GW and he seems calm, cautious, slow to act. Hanging out at the ranch a lot. LOL! It's all a deception. He's been very, very busy. I guess the White House slows him down, which is why he spends time at the ranch, so he can see who he wants to see, and say what he wants to say, without being bogged down with Clintoon leftovers.

Like Rush said, if you are dam#ed if you do and dam#ed if you don't, you might as well do the right thing and be patient about delayed gratification. But when Bush thinks that way, he lets himself get cursed to the max. Might as well, right?

People at my furniture plant are feeling more optimism. They were sent home for a week yesterday. But there is hope in their eyes. Most of them are democrats, too. But they are darn glad that manufacturing is getting a boost for a change. It might be a bit grudging on the part of a few, but it's kind of like daddy cracking down on homework and the frustrated school kid might be grumbling, but he no longer thinks he will fail his class anymore.

[The Raven]

Spending is NEXT !!! [I hope]

[Molly Pitcher]

I thought that title looked familiar.If only the WSJ's Edit. bd. show were still around to discuss this....

BTW, some caller into C-SPAN last night compared US taxpayers to employees of the US govt. and said the govt. couldn't afford to give us such a big raise! I about blew a gasket!!!!!!!!!!!!!!!!!!!!!!

[Miss Marple]

Good morning, Molly!

There were hints about cutting spending in the President's speech. Won't a lot of the spending cuts be in the next budget he submits?

[Molly Pitcher]

Don't know, Jane. Why wouldn't they be in this one?

[giotto]

Good post.

[Real Cynic No More]

"Since it is exactly the rich who disproportionately pay most of the income tax, it would be impossible to lower taxes without benefiting them disproportionately. Hey, it's their money."

Bumpety-bump!

[The Raven]

Another vicory...Yesterday Congress asked the GAO to produce DYNAMIC rather than STATIC (that is Democrat) budget forcasts - which take into account the real world.

[Miss Marple]

I don't think the President has submitted a budget yet. Congress didn't enact all of LAST year's budget, and many departments are operating under continuing resolutions.

I think the new budget gets submitted around the time of the State of the Union speech.

[The Raven]

Here's the link for dynamic budgets

[GodBlessRonaldReagan]

Yesterday Congress asked the GAO to produce DYNAMIC rather than STATIC (that is Democrat) budget forcasts

WOO-HOO! That is BIG news!

[The Raven]

WOO-HOO! That is BIG news!

See link in post #11

[Wonder Warthog]

"I wonder what the rates on income would be if we were taxed like Medicade - a percentage of the first $130k of income AND THEN ZERO AFTER THAT."

It is STILL just another "soak the rich" scheme. Either a flat tax of 10% or a national sales tax is better. I just don't buy the Marxist baloney about those being "regressive". Even with a flat tax RATE, those with more money STILL pay a bigger dollar amount.

[The Raven]

>>It is STILL just another "soak the rich" scheme

With zero percent marginal rates??? Not quite.

[tm22721]

Most important is reversing the psychology of fear, uncertainty and doubt over the future.

Business spending must increase to get us out of the hole we're in.

BUMP

[Wonder Warthog]

"With zero percent marginal rates??? Not quite."

Whoops--my bad. I was reading your suggestion as taxing only incomes ABOVE 130K. It's early out here on the west coast--obviously brain not fully engaged yet.

I'm not sure I like your suggestion better than a national sales tax, but it's worth thinking on.

[section9]

You want to know what I like best about Bush?

The very day he comes out with his economic plan, he renominates Pickering, and lets the world know that Priscilla Owen and Miguel Estrada are to be resubmitted, as well.

The man has a pair between his legs.

Be Seeing You,

Chris

[GailA]

Is W going to be able to force Snowe, Chafee, and MCNasty to fall in line to get this passed?

[GraniteStateConservative]

For the 2003 budget-- which never passed last year thanks to Tommy Boy and so is done in piece-meal fashion now-- many areas are seeing a total freeze on budget increases. He'll deliver his 2004 budget soon.