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Old 09-27-2010, 10:37 PM
 
1,009 posts, read 2,206,638 times
Reputation: 605

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tax.com: So How Did the Bush Tax Cuts Work Out for the Economy?

Some highlights from nationwide income tax data for the Bush years:

"Total income was $2.74 trillion less during the eight Bush years than if incomes had stayed at 2000 levels.

Even if we limit the analysis by starting in 2003, when the dividend and capital gains tax cuts began, through the peak year of 2007, the result is still less income than at the 2000 level. Total income was down $951 billion during those four years.

Average incomes fell. Average taxpayer income was down $3,512, or 5.7 percent, in 2008 compared with 2000, President Bush's own benchmark year for his promises of prosperity through tax cuts.

Had incomes stayed at 2000 levels, the average taxpayer would have earned almost $21,000 more over those eight years. That's almost $50 per week.

In only two of the eight Bush years, 2006 and 2007, were average incomes higher than in 2000, but the gains were highly concentrated at the top. Of the total increase in income in 2007 over that in 2005, nearly 30 percent went to taxpayers who made $1 million or more.

Now let's look at wages, the source of most people's income. In 2008 the average taxpayer made $58,000. That was $5,100 less than in 2007, a decline of 8.1 percent.

Job growth in the George W. Bush years was one-seventh that of the Clinton years. Nixon and Ford did better than Bush on jobs. Wages fell during the last administration. Average incomes fell. The number of Americans in poverty, as officially measured, hit a 16-year high last year of 43.6 million, though a National Academy of Sciences study says that the real poverty figure is closer to 51 million.
"

Either the tax cuts DID NOT work, or the goal of the tax cuts was to destroy jobs and capital for most American families, and it DID WORK.

This information proves what everyone knew already: Republicans don't understand the economy. If your only solution to a massively complicated machine like the economy is "Tax Cuts," this is the situation you arrive at.

Before anyone calls me a partisan hack, I don't think the Democrats understand the economy either. I think both parties have bought into the conventional wisdom of Washington that tax cuts for the wealthy and lax regulation on wall-street are keys to financial stability in this country. We need a new model for understanding the economy that does not feed into the propaganda of the billionaires and corporations.
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Old 09-27-2010, 10:40 PM
 
3,378 posts, read 3,695,076 times
Reputation: 710
42.7% of all statistics are just made up
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Old 09-27-2010, 10:43 PM
 
Location: Chicago
38,707 posts, read 102,794,286 times
Reputation: 29967
Interesting statistics. Get back to me when they use medians instead of averages.
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Old 09-27-2010, 10:51 PM
 
1,009 posts, read 2,206,638 times
Reputation: 605
Quote:
Originally Posted by Guamanians View Post
42.7% of all statistics are just made up
I agree, however you can find the stats at irs.gov for all years including 2010: http://www.irs.gov/taxstats/article/0,,id=205182,00.html (broken link)
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Old 09-28-2010, 02:27 AM
 
Location: Unperson Everyman Land
38,607 posts, read 26,241,061 times
Reputation: 12631
"Total income was $2.74 trillion less during the eight Bush years than if incomes had stayed at 2000 levels.

Even if we limit the analysis by starting in 2003, when the dividend and capital gains tax cuts began, through the peak year of 2007, the result is still less income than at the 2000 level. Total income was down $951 billion during those four years.

Average incomes fell. Average taxpayer income was down $3,512, or 5.7 percent, in 2008 compared with 2000, President Bush's own benchmark year for his promises of prosperity through tax cuts.

Had incomes stayed at 2000 levels, the average taxpayer would have earned almost $21,000 more over those eight years. That's almost $50 per week.

In only two of the eight Bush years, 2006 and 2007, were average incomes higher than in 2000, but the gains were highly concentrated at the top. Of the total increase in income in 2007 over that in 2005, nearly 30 percent went to taxpayers who made $1 million or more.

Now let's look at wages, the source of most people's income. In 2008 the average taxpayer made $58,000. That was $5,100 less than in 2007, a decline of 8.1 percent.

Job growth in the George W. Bush years was one-seventh that of the Clinton years. Nixon and Ford did better than Bush on jobs. Wages fell during the last administration. Average incomes fell. The number of Americans in poverty, as officially measured, hit a 16-year high last year of 43.6 million, though a National Academy of Sciences study says that the real poverty figure is closer to 51 million."





When Nixon and Ford were president, the US was a net exporter.

When Clinton was president, the Congress was controlled for the six years leading up to 2000 by Republicans. After the Democrats tried to force their radical agenda through for two years and ran afoul of the voters in 1994 as a result, Clinton was forced to accept changes he didn't want.

PRESIDENT WARNS CONGRESS TO DROP SOME BUDGET CUTS - NYTimes.com

But they were changes the voters wanted so he had to accept them. The positive reforms that gave us the robust economy of the 1990s were accomplished with WJC throwing a tantrum.


So yes, 2000 was a good year. What's your point?
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Old 09-28-2010, 02:52 AM
 
1,290 posts, read 2,561,084 times
Reputation: 686
Governments don't create jobs or wealth. Government creates one thing only....more government. Governments only meddle in enterprises in order to confiscate the wealth created by someone else. Matters not who is in the white house.
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Old 09-28-2010, 03:08 AM
 
Location: SF Bay Area
14,317 posts, read 22,307,406 times
Reputation: 18436
Default The benefit of hindsight

Quote:
Originally Posted by chiaroscuro View Post
tax.com: So How Did the Bush Tax Cuts Work Out for the Economy?

Some highlights from nationwide income tax data for the Bush years:

"Total income was $2.74 trillion less during the eight Bush years than if incomes had stayed at 2000 levels.

Even if we limit the analysis by starting in 2003, when the dividend and capital gains tax cuts began, through the peak year of 2007, the result is still less income than at the 2000 level. Total income was down $951 billion during those four years.

Average incomes fell. Average taxpayer income was down $3,512, or 5.7 percent, in 2008 compared with 2000, President Bush's own benchmark year for his promises of prosperity through tax cuts.

Had incomes stayed at 2000 levels, the average taxpayer would have earned almost $21,000 more over those eight years. That's almost $50 per week.

In only two of the eight Bush years, 2006 and 2007, were average incomes higher than in 2000, but the gains were highly concentrated at the top. Of the total increase in income in 2007 over that in 2005, nearly 30 percent went to taxpayers who made $1 million or more.

Now let's look at wages, the source of most people's income. In 2008 the average taxpayer made $58,000. That was $5,100 less than in 2007, a decline of 8.1 percent.

Job growth in the George W. Bush years was one-seventh that of the Clinton years. Nixon and Ford did better than Bush on jobs. Wages fell during the last administration. Average incomes fell. The number of Americans in poverty, as officially measured, hit a 16-year high last year of 43.6 million, though a National Academy of Sciences study says that the real poverty figure is closer to 51 million.
"

Either the tax cuts DID NOT work, or the goal of the tax cuts was to destroy jobs and capital for most American families, and it DID WORK.

This information proves what everyone knew already: Republicans don't understand the economy. If your only solution to a massively complicated machine like the economy is "Tax Cuts," this is the situation you arrive at.

Before anyone calls me a partisan hack, I don't think the Democrats understand the economy either. I think both parties have bought into the conventional wisdom of Washington that tax cuts for the wealthy and lax regulation on wall-street are keys to financial stability in this country. We need a new model for understanding the economy that does not feed into the propaganda of the billionaires and corporations.
Who needs these numbers? A sure-DEPRESSION was what were were headed towards when Obama took office. Bush's presidency was an utter failure and his policies stunk pretty bad. The economy was in shambles, 49 states an an economic free fall because of 8 years of Bush/Republican incompetence. All are still staggering from the stench that was Bush's agenda. The results speak for themselves, the tax cuts did NOT help. This is clear to all except the clueless regressives.

To recap: The Red states were wrong; Neocons were wrong; Republicans were wrong; Conservatives were wrong; Cheney, Bush, Rove, Limbaugh, Kristol, Gingrich - all wrong and misguided. Trickle-down, deregulation, small government, tax cuts, warmongering ALL FAILED! Despite the collosal failure, this sorry mindset is still being shoved in our faces by the third string: Palin, Beck, Limbaugh, Romney, and the rest of the usual suspects. Quite pathetic is what it is.Of course the Bush tax cuts failed.
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Old 09-28-2010, 04:21 AM
 
3,378 posts, read 3,695,076 times
Reputation: 710
Quote:
Originally Posted by Alexus View Post
Who needs these numbers? A sure-DEPRESSION was what were were headed towards when Obama took office. Bush's presidency was an utter failure and his policies stunk pretty bad. The economy was in shambles, 49 states an an economic free fall because of 8 years of Bush/Republican incompetence. All are still staggering from the stench that was Bush's agenda. The results speak for themselves, the tax cuts did NOT help. This is clear to all except the clueless regressives.

To recap: The Red states were wrong; Neocons were wrong; Republicans were wrong; Conservatives were wrong; Cheney, Bush, Rove, Limbaugh, Kristol, Gingrich - all wrong and misguided. Trickle-down, deregulation, small government, tax cuts, warmongering ALL FAILED! Despite the collosal failure, this sorry mindset is still being shoved in our faces by the third string: Palin, Beck, Limbaugh, Romney, and the rest of the usual suspects. Quite pathetic is what it is.Of course the Bush tax cuts failed.
you should keep this post & frame it
That way you will have something to hold onto since liberalism is dead
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Old 09-28-2010, 06:52 AM
 
Location: SF Bay Area
14,317 posts, read 22,307,406 times
Reputation: 18436
Quote:
Originally Posted by Guamanians View Post
you should keep this post & frame it
That way you will have something to hold onto since liberalism is dead
Thanks for reading it and giving me the power to affect YOU.

The conservative ideology stinks, no question...Bush tax cuts yet another example of the idiocy that is Pubthink.

Question: When it became obvious that the Bush tax cuts weren't working to spur the economy, why didn't Bush and Pubs change course and try something else? Why continue to give favors to the rich at the expense of everyone else? It stinks. It really does.
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Old 09-28-2010, 06:55 AM
Status: "Ephesians 6:12" (set 22 days ago)
 
45,024 posts, read 26,180,093 times
Reputation: 24766
Quote:
Originally Posted by Alexus View Post
Thanks for reading it and giving me the power to affect YOU.

The conservative ideology stinks, no question...Bush tax cuts yet another example of the idiocy that is Pubthink.

Question: When it became obvious that the Bush tax cuts weren't working to spur the economy, why didn't Bush and Pubs change course and try something else? Why continue to give favors to the rich at the expense of everyone else? It stinks. It really does.
personal responsibility sucks

and besides it's the governments job to make everything right for us.
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