How Bush's giveaway to the rich hurt America

Discussion in 'Politics' started by Chris, Sep 5, 2010.

  1. Chris
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    Chris Gold Member

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    When George W. Bush was sworn into office as president in January 2001, he inherited a record budget surplus. Five weeks later, he addressed a joint session of Congress, urging lawmakers to act swiftly on his signature campaign promise: $1.6 trillion in tax cuts.

    "I hope you'll join me in standing firmly on the side of the people," the president said. "See, the growing surplus exists because taxes are too high and government is charging more than it needs. The people of America have been overcharged, and on their behalf, I'm here asking for a refund."

    Republicans cheered. But Democrats were deeply skeptical of a tax cut based on projections of a $5.6 trillion surplus over 10 years that, in fact, never came about. At the time, North Dakota's Kent Conrad was the ranking Democrat on the Senate Budget Committee.

    The tax cut is simply too big," he said. "No. 2, it is unfair. It goes primarily to the wealthiest among us. Forty percent of the benefit goes to the wealthiest 1 percent in this country."



    As Clock Ticks, Lawmakers Revisit Bush Tax Cuts : NPR
     
  2. elvis
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    elvis BANNED Supporting Member

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    a more appropriate thread would be "How the birth Chris hurt America".
     
  3. Dont Taz Me Bro
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    Dont Taz Me Bro USMB Mod Staff Member Gold Supporting Member Supporting Member

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    I'm still waiting for the part where Bush gave something to the rich.

    :confused:
     
  4. Chris
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    Chris Gold Member

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    "Forty percent of the benefit goes to the wealthiest 1 percent in this country"
     
  5. hortysir
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    hortysir In Memorial of 47

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    Troll threads aren't meant to correlate with the title
    :eusa_shhh:
     
  6. Chris
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    Chris Gold Member

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    David Stockman, Reagan's budget director said Reagan's tax cuts were a "Trojan horse" to lower taxes for the rich.

    Bush did the same thing, and doubled the National Debt, just like Reagan did.
     
  7. Dont Taz Me Bro
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    Dont Taz Me Bro USMB Mod Staff Member Gold Supporting Member Supporting Member

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    The wealthiest one percent pay 37% of Federal Income tax, so of course they are going to receive a larger benefit from scaling back tax rates than other people, but you still haven't showed me where Bush gave them anything.
     
  8. Dont Taz Me Bro
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    Dont Taz Me Bro USMB Mod Staff Member Gold Supporting Member Supporting Member

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    Bush and Reagan doubled the national debt because they spent too much money and used war to justify it both times.
     
  9. Chris
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    Chris Gold Member

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    The Bush tax cuts have contributed to revenues dropping in 2004 to the lowest level as a share of the economy since 1950, and have been a major contributor to the dramatic shift from large projected budget surpluses to projected deficits as far as the eye can see.
    The tax cuts have conferred the most benefits, by far, on the highest-income households — those least in need of additional resources — at a time when income already is exceptionally concentrated at the top of the income spectrum.

    Tax Returns: A Comprehensive Assessment of the Bush Administration's Record on Cutting Taxes — Center on Budget and Policy Priorities
     
  10. Charles_Main
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    Charles_Main AR15 Owner

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    50% of all Federal Income taxes are paid by the TOP 2% of wage earners.

    your point?
     

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