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After the Bush tax CUTS TOOK AFFECT revenues increased TO RECORD HIGHS.
The deficit was going DOWN in 2006 and 2007
Increasing revenue by creating bubbles is like peeing in your pants in cold weather. It feels nice and warm for a while, but when then the pee freezes you'll wish you never did it.
Revenues didn't go up because tax cuts, they went up because of out of control housing market.
After the Bush tax CUTS TOOK AFFECT revenues increased TO RECORD HIGHS.
The deficit was going DOWN in 2006 and 2007
Publication: Business Wire
Date: Friday, January 4 2008
More Than 8.3 Million Jobs Created Since August 2003 In Longest Continuous Run Of Job Growth On Record
WASHINGTON -- Today, the Bureau of Labor Statistics released new jobs figures - 18,000 jobs created in December. Since August 2003, more than 8.3 million jobs have been created, with more than 1.3 million jobs created throughout 2007. Our economy has now added jobs for 52 straight months - the longest period of uninterrupted job growth on record. The unemployment rate remains low at 5 percent. The U.S. economy benefits from a solid foundation, but we cannot take economic growth for granted and economic indicators have become increasingly mixed. President Bush will continue working with Congress to address the challenges our economy faces and help facilitate long-term economic growth, job growth, and better standards of living for all Americans.
* Real GDP grew at a strong 4.9 percent annual rate in the third quarter of 2007. The economy has now experienced six years of uninterrupted growth, averaging 2.8 percent a year since 2001.
* Real after-tax per capita personal income has risen by 11.7 percent - an average of more than $3,550 per person - since President Bush took office.
* Over the course of this Administration, productivity growth has averaged 2.6 percent per year. This growth is well above average productivity growth in the 1990s, 1980s, and 1970s.
By 2003, Mr. Bush grasped this lesson. In that year, he cut the dividend and capital gains rates to 15 percent each, and the economy responded. In two years, stocks rose 20 percent. In three years, $15 trillion of new wealth was created. The U.S. economy added 8 million new jobs from mid-2003 to early 2007, and the median household increased its wealth by $20,000 in real terms.
But the real jolt for tax-cutting opponents was that the 03 Bush tax cuts also generated a massive increase in federal tax receipts. From 2004 to 2007, federal tax revenues increased by $785 billion, the largest four-year increase in American history. According to the Treasury Department, individual and corporate income tax receipts were up 40 percent in the three years following the Bush tax cuts. And (bonus) the rich paid an even higher percentage of the total tax burden than they had at any time in at least the previous 40 years. This was news to theNew York Times, whose astonished editorial board could only describe the gains as a “surprise windfall.”
The left CANNOT grasp that lowing taxes INCREASES REVENUES.
They CONSTANTLY claim lowering taxes COSTS the gov. revenues and are WRONG.
Tax cuts never pay for themselves, there may have been many reasons for increased tax receipts, war in Iraq, interest rates, federal policy. Stating that the Bush tax policy was responsible for increased tax receipts is disingenuous but we do know it was responsible for new deficits.
After the Bush tax CUTS TOOK AFFECT revenues increased TO RECORD HIGHS.
The deficit was going DOWN in 2006 and 2007
Publication: Business Wire
Date: Friday, January 4 2008
More Than 8.3 Million Jobs Created Since August 2003 In Longest Continuous Run Of Job Growth On Record
WASHINGTON -- Today, the Bureau of Labor Statistics released new jobs figures - 18,000 jobs created in December. Since August 2003, more than 8.3 million jobs have been created, with more than 1.3 million jobs created throughout 2007. Our economy has now added jobs for 52 straight months - the longest period of uninterrupted job growth on record. The unemployment rate remains low at 5 percent. The U.S. economy benefits from a solid foundation, but we cannot take economic growth for granted and economic indicators have become increasingly mixed. President Bush will continue working with Congress to address the challenges our economy faces and help facilitate long-term economic growth, job growth, and better standards of living for all Americans.
* Real GDP grew at a strong 4.9 percent annual rate in the third quarter of 2007. The economy has now experienced six years of uninterrupted growth, averaging 2.8 percent a year since 2001.
* Real after-tax per capita personal income has risen by 11.7 percent - an average of more than $3,550 per person - since President Bush took office.
* Over the course of this Administration, productivity growth has averaged 2.6 percent per year. This growth is well above average productivity growth in the 1990s, 1980s, and 1970s.
By 2003, Mr. Bush grasped this lesson. In that year, he cut the dividend and capital gains rates to 15 percent each, and the economy responded. In two years, stocks rose 20 percent. In three years, $15 trillion of new wealth was created. The U.S. economy added 8 million new jobs from mid-2003 to early 2007, and the median household increased its wealth by $20,000 in real terms.
But the real jolt for tax-cutting opponents was that the 03 Bush tax cuts also generated a massive increase in federal tax receipts. From 2004 to 2007, federal tax revenues increased by $785 billion, the largest four-year increase in American history. According to the Treasury Department, individual and corporate income tax receipts were up 40 percent in the three years following the Bush tax cuts. And (bonus) the rich paid an even higher percentage of the total tax burden than they had at any time in at least the previous 40 years. This was news to theNew York Times, whose astonished editorial board could only describe the gains as a “surprise windfall.”
The left CANNOT grasp that lowing taxes INCREASES REVENUES.
They CONSTANTLY claim lowering taxes COSTS the gov. revenues and are WRONG.
In a vacuum tax cuts are good. In the real world, say when the economy bottoms out, then those tax cuts become large deficits. Tax cuts on top of 2 wars, creation of DHS, and expanded medicare part d is not smart policy.
What's funny to me is that the entire time the Democrats were in charge of Congress we heard total silence from the liberals on fiscal responsibility. Now that the Republicans control Congress we suddenly see threads like this popping up on a regular basis. You leftists here are nothing but hypocrites. If your principles only apply when the opposite party is in charge, don't expect anybody to take you seriously. You're nothing but partisan hacks.
Taxation itself is immoral ( theft) and as to the fiscal prudence of the GOP, yes their policies are as reckless as those of your party (witness the bi-partisan deficit)
I'm also sure the GOP "cares about economics" just as much as your Dem party does in that they both need to keep the money flowing to their pals to remain in control.
It all makes sense once you wake up to the fact that Government is just a giant redistribution machine.
Class dismissed.
Did you know that when you hit the post button - you can thank the government for it being sent out to whoever sees it? Tax dollars helped put all of this together, and it also helps fund the infrastructure for it. A lot of people around the world wouldn't be able to read this if it weren't for satellites. So if it's so immoral, you're using a product born out of, and fed by immorality.
If you don't like government, I'm sure you can find a nice little spot in a tropical jungle somewhere. Otherwise, most of humanity has come to the conclusion that taxes help make life better.
Taxation itself is immoral ( theft) and as to the fiscal prudence of the GOP, yes their policies are as reckless as those of your party (witness the bi-partisan deficit)
I'm also sure the GOP "cares about economics" just as much as your Dem party does in that they both need to keep the money flowing to their pals to remain in control.
It all makes sense once you wake up to the fact that Government is just a giant redistribution machine.
Class dismissed.
I disagree wholeheartedly.
Tax is the price of admission for living where we choose to live. Kinda like going to the movie theater to see the latest release on the big screen. There is a price of admission and if you want to see that blockbuster on the big screen you pay the price of admission, and if you dont want to pay that price you wait for RedBox or Netflix availability.
Anyone who does not want to pay the price of admission for living in America, or in the state of your choosin, well, you can always go someplace else.
The real problem is not taxation, but rather the services we now demand from government at all levels. So far as I'm concerned, we need to decide among ourselves what service government should provide, and at what level. Roads, schools, national defense, national parks, and many more. Who provides it? And what is the price of admission. Plus, IMHO, all discussion regarding taxation should begin based upon the premise that what we earn is ours, and we are entitled to that percentage of our earnings which allow us to live. Out of what is left, the price of admission is to be derived.
I wish SOMEBODY would be the adult and reign in spending. Here is what the next President is going to be left with. Per Obama, Bush was "unAmerican" for growing the nation to $8 trillion in debt. Now $20 trillion is just okay. . .
What's funny to me is that the entire time the Democrats were in charge of Congress we heard total silence from the liberals on fiscal responsibility. Now that the Republicans control Congress we suddenly see threads like this popping up on a regular basis. You leftists here are nothing but hypocrites. If your principles only apply when the opposite party is in charge, don't expect anybody to take you seriously. You're nothing but partisan hacks.
Then explain why they allowed portions of the Bush tax cuts to expire. Explain why they allowed the payroll tax cuts to expire.
You and your fellow Limbaugh Acolytes are the hypocrites here. Amazing how you suddenly have no problem with deficit-raising policies, when you've been complaining nonstop about deficit spending since January 2009. What a coincidence.
There's no point in reforming taxation if they can't control their own spending.
First of all: That's not true. No - worse - to the extent that they can't control their own spending underscores the need for reforming taxation to address where it starts verging on blood-from-stone scenarios. Second: It's not just not true, but it is a scurrilous dodge. Like a child who won't stop screaming on top of his lungs until he gets a third cookie, some partisans hold what's good for the stability of the system hostage to causing more of their own havoc, in this case prioritizing fostering the comfort and luxury of some over the basic needs of others: Those who hold necessary reform hostage for spending cuts almost always call for cutting items that reduce the misery of the poor without regard for the consequences, on others, of their intention. They'll sometimes exempt the machine of war from their scalpel (and admittedly for good reason) but not those things that address the inherent economic injustice in our economy. Caring only about the impact on one's self, and ignoring the consequences on others - that smells like psychopathy. So basically, we're talking about placating either children or psychopaths who want to take that one daily slice of bread out of other people's mouths so they can have an extra cookie. Those who think that's the right approach simply have either no morals or corrupt morals, and either way must not be placated.
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