Boss
Take a Memo:
No, we claimed it would create massive deficits, which it did. It doubled the deficit and tripled the debt...
Nope... Tax cuts didn't increase the deficit. Tax revenues went UP. The deficit was increased due to spending.
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No, we claimed it would create massive deficits, which it did. It doubled the deficit and tripled the debt...
So that undermines your argument that the wealthy will increase consumption enough to pay for the cuts to their tax rate.
It was called the American Dream Downpayment Assistance Act..
It was not supported by fiscal Conservatives. They were hooted down by people like you who claimed they didn't care about poor people owning homes. After passage of this legislation, lending institutions were pressured by HUD to make the loans available regardless of credit backgrounds, etc. So, yes, it was a mandate.
I don't know anything about "Bush's Working Group" or what his administration tried to say after the fact about this
it's common for administrations to do CYA after their policies fail miserably, so it wouldn't surprise me if they don't agree with me. Nor does it surprise me that you're repeating left-wing rhetoric you've heard spewed by radicals who want to blame everything on Conservatives.
Nope... Tax cuts didn't increase the deficit. Tax revenues went UP.
The deficit was increased due to spending.
I never made that claim.
You might want to look at the early 2000sNo, we claimed it would create massive deficits, which it did. It doubled the deficit and tripled the debt...
Nope... Tax cuts didn't increase the deficit. Tax revenues went UP. The deficit was increased due to spending.
I simply stated historical fact. Every time we've dramatically lowered the top marginal income tax rates, it produced greater tax revenue.
You have the link to the receipts and outlays because you posted it earlier. You now want to claim Clinton raised taxes and he did but then he lowered them when the Gingrich Republican Revolution happened... did you forget about that? He also lowered Cap Gains which helped produce more revenue.
So let's get something straight here.. "The Wealthy" are NOT who we tax! The US tax code is not based on your overall wealth but rather your earned taxable income for the year. So why do you keep on talking about "taxing the wealthy" as if that's what we do? Do you mean taxes on people who happen to earn a higher income in a given year? What makes you think these are "wealthy" people? Do you understand that every non-incorporated small business in America, files it's taxes as an individual tax payer under the same income tax code as everyone else? Does it not stand to reason that at least some of these "top marginal" taxpayers are actually small businessmen and women who are filing as individuals? Do you assume these are "wealthy" people?
So there is nothing in that bill that mandates a bank has to provide subprime loans to anyone. What that bill did was provide free downpayments to 40,000 low-income buyers. And again, there's nothing wrong with giving free downpayments to 40,000 low-income buyers, if they get a subprime loan and if the subprime loan they get isn't one of those whose standards were dramatically weakened beginning in late 2004.
There exists no evidence that the loans those who got downpayments from the ADDAA were the subprime loans with "dramatically weakened underwriting standards". The ADDAA was passed in 2003. The standards for subprime loans were dramatically weakened beginning in late 2004, according to Bush's Working Group. So you have a gap that you haven't accounted for. BTW - between 2002-2003, there was no dramatic increase in the issuing of subprime loans generally. The spike in subprime lending began in earnest in late 2004, just like Bush's Working Group says.
No they fuckin' didn't! Bush cut taxes in 2001, revenue from 2001-3 was below revenue for 2000.
When you reduce tax revenue, you create deficits.
That comes directly from the Kansas State Legislature.
WHOA! OK, so if you're saying that cutting taxes for the wealthy doesn't result in a corresponding increase in economic activity by those who receive the tax cut, then what is the purpose of cutting taxes?