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Thread: So How Did the Bush Tax Cuts Work Out for the Economy?

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    Re: So How Did the Bush Tax Cuts Work Out for the Economy?

    Quote Originally Posted by pbrauer View Post
    Actually it was LBJ who signed the law, JFK was DEAD because he had been assassinated in Dallas, Texas 11/22/63. But it wasn't actually a tax cut, it was a restructuring of the tax code much of the legislation was meant to cut loopholes the tax code. Am I to assume that you think the top marginal tax rate should be 70%???
    no one should have a tax rate on any of his income above 25% and everyone should pay the same rate but in terms of 2010 dollars where did that 70% rate kick in?



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    Re: So How Did the Bush Tax Cuts Work Out for the Economy?

    Quote Originally Posted by friday View Post
    This really is an incredible stance to take. Bush saw a record number of quarters with job growth, unemployment in the mid 4s (considered full employment by economists), record quarters with GDP growth, increased tax revenues, and deficits less than a quarter of what Obama has been running. This was with 9/11, the tech bubble burst, two wars, and lasted up until Pelosi/Reid had run congress for almost a year.

    Meanwhile, Obama/Reid/Pelosi have increased the debt by more in four years than Bush did in all eight. Obama's first year deficit dwarfed Bush's first 7 years of deficits. Unemployment is steady in the mid 9s, and stimulus hasn't done a thing to help. 2/3rds of the market recovery is the Fed Reserve buying up TARP and Obama is shutting down a record number of small banks each year.

    I think it is a ridiculous premise that Bush had 8 great years which did nothing but set up for Obama's two terrible years. That is a very simplistic and false way of looking at this.
    Absolutely amazing that everyone that supports obama wants to compare Bush to Clinton! Clinton took over from GHW Bush a growing economy that he tried to destroy with the largest tax increase in history. His economic policy gave us a GOP Congress which took over in January 1995. That Congress gave us the Contract with American 60% of which Clinton signed. That Congress cut the Clinton tax increases in 1997 and most of the Clinton economic growth occurred with that Republican Congress. A question I ask those Clinton supporters, did Clinton sign budgets more or less than he proposed? Clinton was smart enough to move to adopting the GOP legislation and that led to the economic numbers Clinton supporters want to take credit for.

    Now, Clinton left office in 2001 as the dot.com and tech bubble burst leaving the country in a recession which Bush inherited. Bush then had 9/11 so the first two years there was no job creation and poor economic growth. Bush however implemented a pro growth economic policy and cut tax rates for all taxpayers. That tax cut went into effect in July 2003. Following that tax cut there were 52 straight months of economic growth and 8.5 million jobs created. Bush was demonized by the media and Democrats which the idiot voters bought thus lost the Congress in November 2006. Democrats took over in January 2007 and immediately set out to take the WH. They didn't do a thing, stonewalled Bush's attempt to make the tax cuts permanent, refused to implement Fannie and Freddie controls and werein power when the recession started in December 2007. They then did an outstanding job helping create the financial crisis that hit in the Summer of 2008 which led to high unemployment and those 700k job losses they want to blame Bush for.

    Bush went to the Congress with the TARP bailout program in the late summer and it was passed early October. The 700 billion TARP bailout was credited with saving the financial industry and Obama to this day takes credit for saving the financial industry when it was TARP that did it. Bush spent 350 billion of TARP and left the other 350 billion for Obama. Obama took office spent 150 billion more and started receiving payback from the major banks. instead of applying those payments to the deficit no one is sure what he did with the money so he blamed Bush for inheriting a 1.3 trillion deficit. His minions bought that bull**** which was an outright lie. Anyway then Obama took over GM/Chrysler, passed the 862 billion stimulus program and the rest is history, two trillion dollar deficits, 4 million added to the unemployment roles, higher unemployment on a month to month basis in 2010 than 2009, and weak economic growth. NBER says the recession ended in June 2009 so the question, where is the mess that Obama claims he inherited and where are the jobs. The idiots in the media and Obama supporters bought the Obama rhetoric but it looks like the majority in this country have woken up. We will see on Tuesday.

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    Re: So How Did the Bush Tax Cuts Work Out for the Economy?

    Quote Originally Posted by pbrauer View Post
    Actually it was LBJ who signed the law, JFK was DEAD because he had been assassinated in Dallas, Texas 11/22/63. But it wasn't actually a tax cut, it was a restructuring of the tax code much of the legislation was meant to cut loopholes the tax code. Am I to assume that you think the top marginal tax rate should be 70%???
    "It is a paradoxical truth that tax rates are too high and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now ... Cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus."

    John F. Kennedy, Nov. 20, 1962, president's news conference



    --------------------------------------------------------------------------------

    "Lower rates of taxation will stimulate economic activity and so raise the levels of personal and corporate income as to yield within a few years an increased not a reduced flow of revenues to the federal government."

    John F. Kennedy, Jan. 17, 1963, annual budget message to the Congress, fiscal year 1964

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    Re: So How Did the Bush Tax Cuts Work Out for the Economy?

    Quote Originally Posted by pbrauer View Post
    Actually it was LBJ who signed the law, JFK was DEAD because he had been assassinated in Dallas, Texas 11/22/63. But it wasn't actually a tax cut, it was a restructuring of the tax code much of the legislation was meant to cut loopholes the tax code. Am I to assume that you think the top marginal tax rate should be 70%???
    Wrong, tax cuts retroactive to January 1, 1963

    YouTube - Income Tax Cut, JFK Hopes To Spur Economy 1962/8/13

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    Re: So How Did the Bush Tax Cuts Work Out for the Economy?

    Unlike the New Deal, which was a response to a severe financial and economic calamity, the Great Society initiatives came just as the United States' post-war prosperity was starting to fade, but before the coming decline was being felt by the middle and upper classes. President Kennedy proposed a tax cut lowering the top marginal rate by 20%, from 91% to 71%, which was enacted in February 1964 (three months after Kennedy's assassination)

    Great Society - Wikipedia, the free encyclopedia


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    Re: So How Did the Bush Tax Cuts Work Out for the Economy?

    Quote Originally Posted by pbrauer View Post
    Unlike the New Deal, which was a response to a severe financial and economic calamity, the Great Society initiatives came just as the United States' post-war prosperity was starting to fade, but before the coming decline was being felt by the middle and upper classes. President Kennedy proposed a tax cut lowering the top marginal rate by 20%, from 91% to 71%, which was enacted in February 1964 (three months after Kennedy's assassination)

    Great Society - Wikipedia, the free encyclopedia
    Yes, you are right, they went into effect in 1964, my error and I apologize. His tax cuts however affected all income tax payers and reduced withholding for all. Like the Reagan and Bush tax rate cuts those cuts increased govt. revenue by increasing jobs and consumer spending. revenue went up, jobs went up just like they did with Reagan and Bush

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    Re: So How Did the Bush Tax Cuts Work Out for the Economy?

    Quote Originally Posted by Conservative View Post
    Yes, you are right, they went into effect in 1964, my error and I apologize. His tax cuts however affected all income tax payers and reduced withholding for all. Like the Reagan and Bush tax rate cuts those cuts increased govt. revenue by increasing jobs and consumer spending. revenue went up, jobs went up just like they did with Reagan and Bush
    The revenue increased because the new law eliminated loopholes in the code. Tax cuts don't increase revenue, they decrease it.


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    Re: So How Did the Bush Tax Cuts Work Out for the Economy?

    Quote Originally Posted by pbrauer View Post
    The revenue increased because the new law eliminated loopholes in the code. Tax cuts don't increase revenue, they decrease it.
    Here we go again, tax cuts do not decrease revenue. JFK didn't believe so and the result show differently. Of course in your world it is all about population growth.

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    Re: So How Did the Bush Tax Cuts Work Out for the Economy?

    Quote Originally Posted by pbrauer View Post
    The revenue increased because the new law eliminated loopholes in the code. Tax cuts don't increase revenue, they decrease it.
    You should take some time and learn the difference between margin and volume.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: So How Did the Bush Tax Cuts Work Out for the Economy?

    Quote Originally Posted by Johnny DooWop View Post
    This is from a textbook that is being used in several criminal justice programs around the U.S.

    "Record shows that the use of military force is rarely successful at stopping terrorism over time, since it tends to drive existing groups even further underground, can lock a government into an unproductive tit-for-tat escalation with terrorist , and can increase international alienation against the United States. Dramatic cruise missile attacks, for example, can inflame public opinion in some third world countries (and even among some of our allies), affirming the belief that the United States takes too much unilateral action and has too much international sway. The ironic result can be an overall increase in political sympathy for the terrorist or their cause.

    In practical terms moreover, the use of military force has become more difficult because of evolutions in the threat. Terrorist groups are increasingly amorphous, more likely to use evolving information technologies and to rely less upon traditional organizational structures, thus making it much harder to find targets to attack militarily. Sometimes perpertrators come together temporarily only for the purpose of attacking a target, as was the case in the first World Trade Center bombing.

    Unfortunately however, military force is often used because it is the most immediate, demonstrable way to respond to an outrageous event. Law enforcement is the best way to build a foundation of homeland security and to develop international cooperation over time.
    "

    Terrorism: Research, Readings and Realities. Lynne L. Snowden, Bradley C. Whitsel. (2005)
    This quote is a bit off the mark with regard to Iraq\Saddam. We were dealing with an aggressor, first. As for dealing with aggressors, the methods of Neville Chamberlain have already proven to be ineffective.

    Even Al Gore (in 1992 -- post Gulf War I) thought GHWB was a little too limp wristed in his handling of Saddam: YouTube - Gore criticizes Bush for ignoring Iraq's ties to terrorism

    And let's not forget Saddam's 12 years of dodging UN sanctions and inspection teams. Toward the end of this time, Hans Blix lamented that what Saddam had disclosed could be just the "tip of the iceberg" as far as WMD's go.

    Finally, David Kay, the chief weapons inspector in Iraq in 2003, says that Saddam was simply biding his time until the UN went away. He says Iraq was "far more dangerous" before the US-led coalition invaded in 2003 than after.

    YouTube vid: YouTube - David Kay - Iraq weapons inspector discusses WMD's

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