Bush's invisible tax increase

[Charles_Main]

Kirks points are actually pretty valid, Not that it is all the fault of Bush, but the Massive Debt, and weak dollar are in fact much like a tax increase.

 

[indago]

Pushing more paper into the marketplace will increase inflation, or depreciation of the paper, and thus pushing more and more individuals up into the realm of the AMT (Alternative Minimum Tax), that was promoted by the Clinton Administration.

 

[editec]

Bush's tax cut has been great for the poor and middle-class.

The upper-middle class got some real benefits, perhaps.

I wrote off more of my healthcare and equipment expenses.

The middle class and the poor class can't write things off. They don't have the investment income to do so. They take the standard deductions and that's about all they can ever write off.

My employees got tax cuts and I invested more in technology!

How nice for them and you.

The tax cuts for the poor expire in 2009 and Democrats do not want to renew them.

Poppycock.

That means the poor will pay 5% more in income taxes and the ultra poor will start paying income taxes again!

More partisan poppycock. Show me the numbers.

 

[Wow]

Kirks points are actually pretty valid, Not that it is all the fault of Bush, but the Massive Debt, and weak dollar are in fact much like a tax increase.

Using this logic, funding Planned Parenthood, Govt. housing, Medicaid and food stamps are all tax increases! lol

American exporters certainly do not consider the USD too be weak.
Europeans consider the USD to be weak because it hurts their exports to the US, but who cares about Europe?

Please quantify the weakness of the USD.

 

[Care4all]

The fall of the dollar has affected oil prices in two specific ways. First, as the dollar falls against the euro and other major currencies, oil-exporting states have been demanding more dollars per barrel of oil to protect their ability to meet expenses paid in euros and other currencies.

This can be most clearly seen in the price of oil (the spot price for Saudi light crude) as measured in U.S. dollars and euros during the first four years of the current Bush administration. As the dollar weakened, the dollar price of oil increased proportionately.

Measured in dollars, oil cost about 28 percent more on average in 2004 than it had cost in 2000, but the price remained relatively constant if measured in euros. In fact, Europeans were actually paying about 8 percent less for oil in 2004 than they had paid in 2000.

More recently, the declining dollar has pushed the price of oil and other commodities higher for a second reason. Retirement funds, hedge funds, speculators, and other institutional investors around the world have tried to protect themselves against further declines in the dollar by moving money into commodity futures that are denominated in dollars—financial instruments that will remain stable or even rise against other currencies even as the dollar falls.

Stewart Bailey reported for Bloomberg last month that “global investments in commodities rose by more than a fifth in the first quarter to $400 billion, helping boost prices as investors sought a buffer against inflation and a weaker dollar.”

read the rest here: Bush's Weak Dollar

 

[BaronVonBigmeat]

Using this logic, funding Planned Parenthood, Govt. housing, Medicaid and food stamps are all tax increases! lol

American exporters certainly do not consider the USD too be weak.
Europeans consider the USD to be weak because it hurts their exports to the US, but who cares about Europe?

Please quantify the weakness of the USD.

Last time I checked, the US dollar index was at an all-time low, and pushing into uncharted territory @ 74 or so, maybe Toro can drop in and explain this better.

 

[busara]

Using this logic, funding Planned Parenthood, Govt. housing, Medicaid and food stamps are all tax increases! lol

American exporters certainly do not consider the USD too be weak.
Europeans consider the USD to be weak because it hurts their exports to the US, but who cares about Europe?

Please quantify the weakness of the USD.

by spending money that the govt doesnt have, bush is promising that taxes will be raised later. that is the point youre missing. if you take out a loan, you WILL have to pay for it later. i dont understand how youre missing this point. maybe it's just the word 'tax' that is throwing you off

 

[Charles_Main]

by spending money that the govt doesnt have, bush is promising that taxes will be raised later. that is the point youre missing. if you take out a loan, you WILL have to pay for it later. i dont understand how youre missing this point. maybe it's just the word 'tax' that is throwing you off

Actually I think the post was, that by increasing the Debt, and therefore lowering the value of the dollar Bush has caused added economic pressure on Americans which is not unlike an invisible tax.

Not that your point is not also true.

While I do not agree than Bush hold the blame for all this, I do agree with both premises about it being like a tax.

 

[editec]

If you ever go to college, you may want to take economics. Bush increased taxes by increasing deficit spending. If the government increases the supply of money(deficit spending), it makes the money we have worth less. It is an invisible tax. It is called inflation.

Yup. If the government increases spending unwisely, that's often the end result.

Inflation went up 1.1% last month. So in addition to the taxes you already pay, your money was worth 1.1% less in one month because of deficit spending. Thus, the invisible tax.

Jesus, did it really? From when, the previous month? So what was the annual rate posted based on that?

Since the price of oil is tied to the dollar, when the dollar is worth less the price of oil goes up. The dollar is worth less because of the tax cut and spend deficit, so oil goes to $4 a gallon. It's a brilliant political shell game because the average person doesn't understand what is going on.

Some people simply cannot understand this stuff.

Some of us can only understand it when the other party is doing it.

 

[editec]

Using this logic, funding Planned Parenthood, Govt. housing, Medicaid and food stamps are all tax increases! lol

American exporters certainly do not consider the USD too be weak.
Europeans consider the USD to be weak because it hurts their exports to the US, but who cares about Europe?

Please quantify the weakness of the USD.

True enough, they do.

Everything we spend money on increases the pressure on the dollar, since we have to borrow to pay to balance the budget.

You can pick anything from the budget and say it's hurting the dollar and you'd be right.

 

[Chris]

Actually I think the post was, that by increasing the Debt, and therefore lowering the value of the dollar Bush has caused added economic pressure on Americans which is not unlike an invisible tax.

Not that your point is not also true.

While I do not agree than Bush hold the blame for all this, I do agree with both premises about it being like a tax.

Thanks for the post.

Bush and Reagan are responsible for 90% of the National Debt with their tax cut and spend policies...


ReaganBushDebt.org

 

[Charles_Main]

Thanks for the post.

Bush and Reagan are responsible for 90% of the National Debt with their tax cut and spend policies...


ReaganBushDebt.org

Sure, and when we did have a surplus Clinton and The Republican congress did nothing to pay down the debt, so I fault them too. As well as the congresses under Reagan And Bush. After all it is congress that holds the purse strings, it is congress than can have the most effect on spending.

 

[busara]

Actually I think the post was, that by increasing the Debt, and therefore lowering the value of the dollar Bush has caused added economic pressure on Americans which is not unlike an invisible tax.

Not that your point is not also true.

While I do not agree than Bush hold the blame for all this, I do agree with both premises about it being like a tax.

was trying to phrase the idea of bush not actually saving us money in a different way so people could better understand yet another reason why bush is terrible

 

[Chris]

Sure, and when we did have a surplus Clinton and The Republican congress did nothing to pay down the debt, so I fault them too. As well as the congresses under Reagan And Bush. After all it is congress that holds the purse strings, it is congress than can have the most effect on spending.

But Reagan and Bush made it political suicide to oppose their "tax cuts." The president presents the budget, Congress usually just rubberstamps it.