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Clinton balanced the mess they left by raising taxes back to the level it was before Reagan.
I just showed you GOVERNMENTS data showing it was never balanced. Besides, you JUST admitted total debt increased through Clinton years.. See your FIRST sentence here..
Quote:
Originally Posted by Melvin.George
Keep on making up stuff there Ann.
Resort to name calling when someone disputes your made up beliefs..
I just showed you GOVERNMENTS data showing it was never balanced. Besides, you JUST admitted total debt increased through Clinton years.. See your FIRST sentence here..
Resort to name calling when someone disputes your made up beliefs..
The total national debt quadrupled under Reagan/Bush41 after he cut taxes with half going to the upper 1% of taxpayers.
Bill Clinton took over a debt of $4.3 trillion and left a debt of $5.7 trillion but with a route set to pay off the national debt by 2012...he did generate $450 billion of surplus and paid it on the debt.
George W. Bush assumed a $5.7 trillion debt and immediately cut taxes in 2001 and again in 2003. Half of the cuts by default were routed to the upper 1% of taxpayers.
Bush then doubled the debt to $11 trillion with a nearly half a trillion a year...every year of interest. Say anything your little heart desires but that's history. You or Ann or anybody else can't change it.
Its not a personal attack how am I responsible because someone else is in poverty? Somethings are just reality
Yeah...the reality is that rich folks used to pay their way and now they ***** and growl if they even have to pay the same rate as what used to be the middle class. In the 1950's anybody who earned more than $300,000 per annum was taxed at 93% of the amount above that. 'Course back then the rich also served in the military and helped win wars. Now their big concern is which ivy league school their offspring will attend and how rich they will become.
The total national debt quadrupled under Reagan/Bush41 after he cut taxes with half going to the upper 1% of taxpayers.
Bill Clinton took over a debt of $4.3 trillion and left a debt of $5.7 trillion but with a route set to pay off the national debt by 2012...he did generate $450 billion of surplus and paid it on the debt.
George W. Bush assumed a $5.7 trillion debt and immediately cut taxes in 2001 and again in 2003. Half of the cuts by default were routed to the upper 1% of taxpayers.
Bush then doubled the debt to $11 trillion with a nearly half a trillion a year...every year of interest. Say anything your little heart desires but that's history. You or Ann or anybody else can't change it.
In 1980 the top marginal rate was 70%
By 1988 the top marginal rate was 28%
GHWB raised the top marginal rate to 31%
Bill Jefferson Clinton raised the rate to 39.6%
GWB lowered the top marginal rate to 35% by 2003. (note: the rate was stepped down over 3 years to get to this rate)
Bill Jefferson did not raise the rate to where it was before Reagan lowered it.
Second, GWB lowered the rate from 39.6% to 35% a drop of 4.6 percentage point…. For those who can do basic math, that would be an 11.6% drop in overall rate.
As a side note, George Bush also lowered the rate on the poorest tax payers from 10% to 0% and began a process that actually allows certain credits to pay people back more than they pay in taxes. So under GWB the poorest actually paid no taxes (where they did under Clinton) and additionally got money back from the IRS (where they had not under Clinton)
As a second side note, the next lowest marginal tax bracket was dropped from 15% to 10%. That is a 33% tax cut for this second bracket.
More fun with numbers
A 2005 study projected the following.
The top 1% of income earners earned 16.5% of all income in the USA. They paid 33.7% of all income taxes collected.
The top 5% earned 31% of all income in the USA and paid 54.1% of all income taxes collected.
The top 10% earned 42.1% of all income in the USA and paid 65.8% of all income taxes collected.
The top 25% earned 64.7% of all income in the USA and paid 83.6 of all income taxes collected.
The top 50% earned 86.1% of all income in the USA and paid 96.4% of all income taxes collected
While the bottom 50% of income earners earned13.9% of all income in the USA and paid 3.6% of all income taxes collected.
The total national debt quadrupled under Reagan/Bush41 after he cut taxes with half going to the upper 1% of taxpayers.
The tax cuts went to everyone. If you pay more, you would receive more.. ITS A CUT... Must have failed math!!
Quote:
Originally Posted by Melvin.George
Bill Clinton took over a debt of $4.3 trillion and left a debt of $5.7 trillion but with a route set to pay off the national debt by 2012...he did generate $450 billion of surplus and paid it on the debt.
HE DID NOT generate a surplus.. WHERE IS IT? I showed you the chart right from the federal government. WHERE IS THE SURPLUS? He generated a decrease in federal deficit as a PERCENTAGE of GDP, but thats not a surplus... He generated a surplus in the general budget, but he did so because he BORROWED money from the intragovernmental holdings budget.. If you mortgage your home and take out $100K cash and stick it in the bank, do you get to claim you profited $100K this year? Thats what Clinton did..
Quote:
Originally Posted by Melvin.George
George W. Bush assumed a $5.7 trillion debt and immediately cut taxes in 2001 and again in 2003. Half of the cuts by default were routed to the upper 1% of taxpayers.
Again, tax CUTS go to people who PAY taxes.. Admit it, math was difficult for you in school...
Quote:
Originally Posted by Melvin.George
Bush then doubled the debt to $11 trillion with a nearly half a trillion a year...every year of interest. Say anything your little heart desires but that's history. You or Ann or anybody else can't change it.
WRONG, $186B went to interest.. Where on gods earth do you get your figures.. you pulling this outta your ass? Its OBAMA who will increase this to $768B.. did you look at the chart? Why arent you whining about the projected spending on interest because you sure were pretending projected surpluses under Clinton were valid, even though THEY DIDNT EXIST..
And finally, to continue to embarrass you.. ALL SPENDING IS DONE BY CONGRESS. Republicans have held Congress for a TOTAL of 8 years, out of the last 40.. and 4 of those, you just claimed resulted in surpluses.. How many did Democrats have?
Yeah...the reality is that rich folks used to pay their way and now they ***** and growl if they even have to pay the same rate as what used to be the middle class. In the 1950's anybody who earned more than $300,000 per annum was taxed at 93% of the amount above that. 'Course back then the rich also served in the military and helped win wars. Now their big concern is which ivy league school their offspring will attend and how rich they will become.
And whats the tax rate for EVERYONE ELSE? If person A pays 40%, and person B pays a NEGATIVE 40%.. WHY IS THAT FAIR? Its not the amount they pay, its the inconsistancy of the tax rates under attack..
For those who look to Bill Clinton as a budget fixer, please tell me what measures he used to fix the budget and in what year did the budget start moving along a better trend line?
(PS while I do not agree with those that say he did not grenerate a real surplus I do agree that during those years, the entire government budget did improve the trend)
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