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Thread: Were the Bush Tax Cuts Good for Growth?

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    Re: Were the Bush Tax Cuts Good for Growth?

    [QUOTE=FilmFestGuy;1059112529][I]Liz Peek at FoxNews.com congratulates me for writing about the importance of economic growth. So in the spirit of maximizing growth, I want to pose a question: Why should we believe that extending the Bush tax cuts will provide a big lift to growth?

    It really doesn't matter what the tax rate is if the government is going to ignore a budget and borrow money overseas.

    The government has plenty of money. The question should be made as to why they need more and to what purpose.

    Taxes could go up 20% but this is no guarantee that spending wouldn't go up 30%.

    It's how taxes are spent, or not spent, that really matters. It seems clear that the more the taxpayer gives the more the government spends. Until politicians develop some discipline, why give them more?

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    Re: Were the Bush Tax Cuts Good for Growth?

    RightinNYC

    You realize that it was you and FilmFestGuy who were arguing the simplistic position, right?
    I do not know what he is arguing for but what I am arguing for is to go back and look at all the promises made in 2001 and 2003 regarding the change in tax rates and see how they stack up after the decade.

    You want to call that simplistic? Be my guest. You want to call it chopped liver or crap or fertilizer for the garden? Go for it. What I want is what Senator Bernie Sanders wants. To some extent I compare this to a woman who has been married before and parts of it did not work out and now is considering getting married again to somebody who also was divorced. Before we walk down this aisle again and accept your promises to love, honor and obey and treat me well, I want to look at the last marriage and see if you kept your promises to he first wife.

    Why can't we have a detailed and fact based national discussion on this? Why is this coming down to a belief system dictating how people are voting?
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    Re: Were the Bush Tax Cuts Good for Growth?

    Yet President Clinton looked at the problem of a creeping recession and came up with a different solution.Amazing isn't it?

    < President Clinton in 1993 proposed to raise the highest marginal tax rate immediately from 31% to 39.6%. In a Wall Street Journal article, Martin Feldstein, the former chief economic advisor to President Reagan and then as well as now a professor of economics at Harvard, opined that "Mr. Clinton's proposal to raise the marginal tax rates of high-income individuals would hurt incentives, weaken the economy and waste investment dollars.">

    < And what were the consequences? In the seven years that followed, the unemployment rate decreased steadily, every single year, until it reached 4% in 2000. >

    It's time to tax the rich - Los Angeles Times
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: Were the Bush Tax Cuts Good for Growth?

    For me, the question is alittle different.

    We've been told that tax cuts spur economic growth. FFG has pointed to an article that essentially states that during the Bush-43 presidency economic growth increased (on avg.) 2.3% - a rather modest increase given the amount of money that went back into the pockets of million+ wage earners, money that we've been told these wage earners would use to reinvest in their businesses to greatly improve the economy. And yet, we ended up with a deep recession.

    My question has always been if tax cuts primarily to the wealthiest wage earners were to spur economic growth, why then didn't unemployment ever fall below 4% since 2001? I read a report a few weeks ago that illustrated that between 2001-2008 unemployment fluxuated between 4-6.5%. Granted, that's alittle above what I think most economist say we should shot for (3-5%), but still, why didn't unemployment remain low if tax cuts were suppose to spur economic growth?

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    Re: Were the Bush Tax Cuts Good for Growth?

    [QUOTE=Grant;1059112755]
    Quote Originally Posted by FilmFestGuy View Post
    [I]Liz Peek at FoxNews.com congratulates me for writing about the importance of economic growth. So in the spirit of maximizing growth, I want to pose a question: Why should we believe that extending the Bush tax cuts will provide a big lift to growth?

    It really doesn't matter what the tax rate is if the government is going to ignore a budget and borrow money overseas.

    The government has plenty of money. The question should be made as to why they need more and to what purpose.

    Taxes could go up 20% but this is no guarantee that spending wouldn't go up 30%.

    It's how taxes are spent, or not spent, that really matters. It seems clear that the more the taxpayer gives the more the government spends. Until politicians develop some discipline, why give them more?
    democrats gain power by spending our money on their voters. If the dems were to cut social spending they would lose their power to buy the votes of those who get more from government spending than they pay in taxes. SInce the dems won't cut their own throats, we have to cut taxes.



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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by Objective Voice View Post
    For me, the question is alittle different.

    We've been told that tax cuts spur economic growth. FFG has pointed to an article that essentially states that during the Bush-43 presidency economic growth increased (on avg.) 2.3% - a rather modest increase given the amount of money that went back into the pockets of million+ wage earners, money that we've been told these wage earners would use to reinvest in their businesses to greatly improve the economy. And yet, we ended up with a deep recession.

    My question has always been if tax cuts primarily to the wealthiest wage earners were to spur economic growth, why then didn't unemployment ever fall below 4% since 2001? I read a report a few weeks ago that illustrated that between 2001-2008 unemployment fluxuated between 4-6.5%. Granted, that's alittle above what I think most economist say we should shot for (3-5%), but still, why didn't unemployment remain low if tax cuts were suppose to spur economic growth?
    argue against a flat tax. we who pay most of the taxes tire of dems buying votes by calling for our taxes-and our taxes alone to go up and up and up when we get no additional benefits for paying more and more and more



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    Re: Were the Bush Tax Cuts Good for Growth?

    [QUOTE=TurtleDude;1059112866]
    Quote Originally Posted by Grant View Post

    democrats gain power by spending our money on their voters. If the dems were to cut social spending they would lose their power to buy the votes of those who get more from government spending than they pay in taxes. SInce the dems won't cut their own throats, we have to cut taxes.
    Sure they're being bribed with the money of their fellow citizens, TD, but it should be added that this is also class warfare, and racial politics as well. They can't seem to see how much this will hurt their country in the years to follow. They seem more interested in what's best for the party, not the country.

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    Re: Were the Bush Tax Cuts Good for Growth?

    [QUOTE=Grant;1059113045]
    Quote Originally Posted by TurtleDude View Post

    Sure they're being bribed with the money of their fellow citizens, TD, but it should be added that this is also class warfare, and racial politics as well. They can't seem to see how much this will hurt their country in the years to follow. They seem more interested in what's best for the party, not the country.
    absolutely

    plucking the golden geese might gain them some power now but when the geese fly away all the parasites will have no one to feed them



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    Re: Were the Bush Tax Cuts Good for Growth?

    but we will roast the geese upon our fires and pick our teeth with their smaller bones.

    and it will be good.
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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by haymarket View Post
    but we will roast the geese upon our fires and pick our teeth with their smaller bones.

    and it will be good.
    good dem mantra-kill of the geese and then you will starve w hen you no longer have t heir golden eggs to pay for your goodies



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