Bush passed those hideous tax cuts that only benefited the rich... 10 years later liberals warn of catastrophe if most of the tax cuts are not renewed.
Love it
Who Really Benefited From the Bush Tax Cuts?
http://www.nytimes.com/2012/11/30/u...rden-than-in-the-80s.html?pagewanted=all&_r=0
Alan Hicks divides long days between the insurance business he started in the late 1970s and the barbecue restaurant he opened with his sons three years ago. He earned more than $250,000 last year and said taxes took more than 40 percent. What’s worse, in his view, is that others — the wealthy, hiding in loopholes; the poor, living on government benefits — are not paying their fair share.
“It feels like the harder we work, the more they take from us,” said Mr. Hicks, 55, as he waited for a meat truck one recent afternoon. “And it seems like there’s an awful lot of people in the United States who don’t pay any taxes.”
You must have some kind of learning disability. have you possibly noticed the total disaster Bush left the economy in?
Bush, Bernanke and Paulson handed the banks nearly a trillion dollars. What you really need to be looking at is the fact that Bush assumed a balanced budget, surpluses projected all the way to the outyears and an unemployment rate of about 4%. Kinda different from the stock market being off 4000 points, jobs being bled at a rate of 800,000 a month, and a national debt that had doubled since Bush took over. 'Course I wouldn't want you right winger bible thumping corporation loving pricks who start wars and never serve in one to really get upset about it.
As far as how the breaks were divvied up.....When Reagan cut rates to the bone in 1982 I remember exactly what the effect was. A millionaire made enough each year to buy a new Mercedes and an ordinary stiff made enough to buy a muffler for the thing. Not only that we had to borrow money to get along back then and his new law stopped allowing interest deductions for auto loans, signature loans, etc. Just about everything except home mortgage interest and church contributions. TRICKLE DOWN didn't work. Bush41 even called it VooDoo Economics. That bull shit was never more than a way for corporations and the rich to shove it to the working man. The hell of it is they have succeeded. When somebody purposefully gives tax breaks to the wealthiest Americans while at the same time they are doubling and/or quadrupling the national debt they should be pillaried in the public square.
Here's one thing you can go ahead and get upset about. The Republican party will have to be able to carry somebody except people over 65 and White men to ever win another election. Take it to the bank.
Clinton's surpluses were due to the dotcom bubble economy. Bush and Bernanke created another bubble to ge out of the recession and made things worse.
Low tax rates are not the problem. Loopholes are. Reagan called for an end of "crazy" tax loopholes for the millionaire. Today's republicans support it too. Democrats say no, first let's raise taxes on families and small businesses owners (read Alan Hicks words in the NYT article again) that make $250K.
Obama: Wealthy must see higher taxes; Boehner says close tax loopholes | news10.net
Alan Hicks pays 40-50% while GE, Google and many others pay effective tax rates near zero percent. And they are proud of it:
Google's tax avoidance is called 'capitalism', says chairman Eric Schmidt - Telegraph
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Here's one thing you can go ahead and get upset about. The Republican party will have to be able to carry somebody except people over 65 and White men to ever win another election. "
According to the National Exit Poll, Romney had the best result among white women and white young people since Reagan in 1984.
You're quite frankly full of shit. Neither party has ever cut spending a dime but under Democrats they adjusted the rates high enough to pay the bills. Before Reagan there was no such problem. You need to stop and smell the roses. If you'll take a few minutes here's your answers...and anybody else who only gets their shit from Lush Rambo and Faux News. You should talk to your congress...they're the reason the rates are as low as they are right now. When Reagan did his big tax cutting the rates went down to a rate just barely higher than what they were just before Hoover and the banks ruined the economy:
Total U S Debt
09/30/2009 $11,909,829,003,511.75
(80% Of All Debt Across 232 Years Borrowed By Reagan And Bushes)
09/30/2008 $10,024,724,896,912.49
(Times Square Debt Clock Modified To Accomodate Tens of Trillions)
09/30/2007 $9,007,653,372,262.48
09/30/2006 $8,506,973,899,215.23
09/30/2005 $7,932,709,661,723.50
09/30/2004 $7,379,052,696,330.32
09/30/2003 $6,783,231,062,743.62
(Second Bush Tax Cuts Enacted Using Reconciliation)
09/30/2002 $6,228,235,965,597.16
09/30/2001 $5,807,463,412,200.06
(First Bush Tax Cuts Enacted Using Reconciliation)
09/30/2000 $5,674,178,209,886.86
(Administration And Congress Arguing About How To Use Surplus)
09/30/1999 $5,656,270,901,615.43
(First Surplus Generated...On Track To Pay Off Debt By 2012)
09/30/1998 $5,526,193,008,897.62
09/30/1997 $5,413,146,011,397.34
09/30/1996 $5,224,810,939,135.73
09/29/1995 $4,973,982,900,709.39
09/30/1994 $4,692,749,910,013.32
09/30/1993 $4,411,488,883,139.38
(Debt Quadrupled By Reagan/Bush41)
09/30/1992 $4,064,620,655,521.66
09/30/1991 $3,665,303,351,697.03
09/28/1990 $3,233,313,451,777.25
09/29/1989 $2,857,430,960,187.32
09/30/1988 $2,602,337,712,041.16
09/30/1987 $2,350,276,890,953.00
09/30/1986 $2,125,302,616,658.42
09/30/1985 $1,823,103,000,000.00
09/30/1984 $1,572,266,000,000.00
09/30/1983 $1,377,210,000,000.00
09/30/1982 $1,142,034,000,000.00
(Total Debt Passes $1 Trillion)
09/30/1981 $997,855,000,000.00
