Page 5 of 29 FirstFirst ... 3456715 ... LastLast
Results 41 to 50 of 286

Thread: Were the Bush Tax Cuts Good for Growth?

  1. #41
    Sage

    Join Date
    Sep 2010
    Last Seen
    Today @ 08:52 PM
    Lean
    Undisclosed
    Posts
    89,706

    Re: Were the Bush Tax Cuts Good for Growth?

    from Turtle Dude

    rich people don't exist for the purpose of funding your socialist dreams
    What is the purpose of the rich then? And I would love to see objective authoritative sources backing up whatever you may opt to claim.
    __________________________________________________ _
    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

  2. #42
    Sage
    ksu_aviator's Avatar
    Join Date
    Nov 2010
    Location
    Fort Worth Texas
    Last Seen
    Today @ 09:04 PM
    Gender
    Lean
    Very Conservative
    Posts
    6,680
    Blog Entries
    10

    Re: Were the Bush Tax Cuts Good for Growth?

    Tax cuts promote economic growth by not decreasing capital in the hands of consumers. That doesn't mean that all other economic factors be damned. 2000 to 2010 was characterized by a government that over borrowed, consumers that over borrowed, overseas governments that overborrowed....everyone was borrowing and once the thread began to be pulled, the entire international economy went to crap.

    Did the Bush tax cuts help? Yes. But they where countered by bad decisions in the governments of the world. You can't control everything.
    You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.For the entire law is fulfilled in keeping this one command: “Love your neighbor as yourself.”

  3. #43
    Sage

    Join Date
    Sep 2010
    Last Seen
    Today @ 08:52 PM
    Lean
    Undisclosed
    Posts
    89,706

    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by ksu_aviator View Post
    Tax cuts promote economic growth by not decreasing capital in the hands of consumers. That doesn't mean that all other economic factors be damned. 2000 to 2010 was characterized by a government that over borrowed, consumers that over borrowed, overseas governments that overborrowed....everyone was borrowing and once the thread began to be pulled, the entire international economy went to crap.

    Did the Bush tax cuts help? Yes. But they where countered by bad decisions in the governments of the world. You can't control everything.
    Do you have statistics and evidence to present to us that the tax cuts did do what you claim they did?
    __________________________________________________ _
    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

  4. #44
    Sage

    Join Date
    Sep 2007
    Last Seen
    09-24-17 @ 04:38 AM
    Lean
    Undisclosed
    Posts
    29,261

    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by haymarket View Post
    from Turtle Dude



    What is the purpose of the rich then? And I would love to see objective authoritative sources backing up whatever you may opt to claim.

    To relieve the poor of there money

  5. #45
    Girthless
    RightinNYC's Avatar
    Join Date
    Mar 2005
    Location
    New York, NY
    Last Seen
    01-23-11 @ 11:56 PM
    Gender
    Lean
    Slightly Conservative
    Posts
    25,894

    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by donc View Post
    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
    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?
    And once again, correlation =/= causation.
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

  6. #46
    Sage

    Join Date
    Sep 2010
    Last Seen
    Today @ 08:52 PM
    Lean
    Undisclosed
    Posts
    89,706

    Re: Were the Bush Tax Cuts Good for Growth?

    so RightinNYC

    why don't you take the promises that were made in the debate over the 2001 and 2003 tax cuts and present your own authoritative evidence that they did just what they promised?

    I simply cannot find any.
    __________________________________________________ _
    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

  7. #47
    Sage
    Lord Tammerlain's Avatar
    Join Date
    Jan 2010
    Last Seen
    Today @ 08:46 PM
    Lean
    Undisclosed
    Posts
    10,431

    Re: Were the Bush Tax Cuts Good for Growth?

    My take on why the 2000's had such low growth coming out of the recession


    High personal debt levels for the middle class, an expanding trade deficit, and concentration of wealth at the highest levels being the primary factors


    High personal debt prevents savings and investing by the middle class in most cases, and it limits consumption that would spur economic growth. Alan Greenspan encouraged Americans in the early 2000s to take out home equity loans to further consumption as a means to spur economic activity.

    The trade deficit, money leaving the US for goods and services is of course money that is not going to be used to create economic activity in the US.

    Last but not least, and does partially explain why the Bush Tax cuts for the wealthy did not produce noticable results. Wealth has been concentrating in the hands of the wealthy for the last few decades, and dramatically so in the last couple. There is a realistic limit to the consumption a person can do (unless the very wealthy all want to build billion dollar homes like one of the owners of Reliance in India has done). This then requires them to make investments to spur economic growth, but they are not required to make investments that will produce productive jobs in the US. If they are not investing in projects that produce productive jobs in the US, or consume more that will create jobs as well, then the tax cuts will not spur on economic growth in the US
    Happy Hanukkah Cheerfull Kwanzaa
    Happy Christmas Merry New Year Festivus for the rest of us

  8. #48
    Sage
    ksu_aviator's Avatar
    Join Date
    Nov 2010
    Location
    Fort Worth Texas
    Last Seen
    Today @ 09:04 PM
    Gender
    Lean
    Very Conservative
    Posts
    6,680
    Blog Entries
    10

    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by haymarket View Post
    Do you have statistics and evidence to present to us that the tax cuts did do what you claim they did?
    Gross National Product
    Gross national product (GNP), a measure of a nation's wealth, is also directly affected by federal taxes. An easy way to see how taxes affect output is to look at the aggregate demand equation:

    GNP = C + I + G + NX

    where:

    •C = consumption spending by individuals
    •I = investment spending (business spending on machinery, etc.),
    •G = government purchases
    •NX = net exports
    Consumer spending typically equals two-thirds of GNP. As you would expect, lowering taxes raises disposable income, allowing the consumer to spend additional sums, thereby, increasing GNP. (To learn more, read Economic Indicators To Know.)

    Reducing taxes, therefore, pushes out the aggregate demand curve as consumers demand more goods and services with their higher disposable incomes. Supply side tax cuts are aimed to stimulate capital formation. If successful, the cuts will shift both aggregate demand and aggregate supply because the price level for a supply of goods will be reduced, which often leads to an increase in demand for those goods. (To learn more, read Economics Basics.)

    Tax Cuts and the Economy
    Tax cuts, when used properly, have stimulated the economy. Many credit President George W. Bush's tax cuts for moving the economy out of recession. Similarly, in 1964, Congress enacted an 18% cut in personal taxes to spur growth. The legislation was designed to encourage consumer spending - many believe that it succeeded admirably as consumers delivered a textbook reaction.

    According to a December 2004 article in Celtia.info, a magazine distributed in Celtic countries, tax cuts have also shown positive results in other countries as well. Ireland's recent tax cuts are believed to have improved living standards significantly. For years, the Irish were faced with high unemployment, budget deficits and high taxes. In 1986, Ireland faced a fiscal crisis. After reducing government spending, the government lowered taxes on both individuals and corporations. Over the next 13 years, Ireland's per capita income went from only 63% of the United Kingdom's average to besting it in 2000. Ireland now enjoys one of the highest standards of living in Europe.

    According to a May 2007 article in the Herald Tribune, tax cuts in Poland, Slovakia and Hungary before their entry in the EU have spurred economic growth in those countries.

    Do Tax Cuts Stimulate The Economy?

    But I never said that reducing taxes is the only factor in the economy, just that it has a positive affect. The negatives may out weight any tax cut.
    You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.For the entire law is fulfilled in keeping this one command: “Love your neighbor as yourself.”

  9. #49
    Sage
    Lord Tammerlain's Avatar
    Join Date
    Jan 2010
    Last Seen
    Today @ 08:46 PM
    Lean
    Undisclosed
    Posts
    10,431

    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by ksu_aviator View Post
    Gross National Product
    Gross national product (GNP), a measure of a nation's wealth, is also directly affected by federal taxes. An easy way to see how taxes affect output is to look at the aggregate demand equation:

    GNP = C + I + G + NX

    where:

    •C = consumption spending by individuals
    •I = investment spending (business spending on machinery, etc.),
    •G = government purchases
    •NX = net exports
    Consumer spending typically equals two-thirds of GNP. As you would expect, lowering taxes raises disposable income, allowing the consumer to spend additional sums, thereby, increasing GNP. (To learn more, read Economic Indicators To Know.)

    Reducing taxes, therefore, pushes out the aggregate demand curve as consumers demand more goods and services with their higher disposable incomes. Supply side tax cuts are aimed to stimulate capital formation. If successful, the cuts will shift both aggregate demand and aggregate supply because the price level for a supply of goods will be reduced, which often leads to an increase in demand for those goods. (To learn more, read Economics Basics.)

    Tax Cuts and the Economy
    Tax cuts, when used properly, have stimulated the economy. Many credit President George W. Bush's tax cuts for moving the economy out of recession. Similarly, in 1964, Congress enacted an 18% cut in personal taxes to spur growth. The legislation was designed to encourage consumer spending - many believe that it succeeded admirably as consumers delivered a textbook reaction.

    According to a December 2004 article in Celtia.info, a magazine distributed in Celtic countries, tax cuts have also shown positive results in other countries as well. Ireland's recent tax cuts are believed to have improved living standards significantly. For years, the Irish were faced with high unemployment, budget deficits and high taxes. In 1986, Ireland faced a fiscal crisis. After reducing government spending, the government lowered taxes on both individuals and corporations. Over the next 13 years, Ireland's per capita income went from only 63% of the United Kingdom's average to besting it in 2000. Ireland now enjoys one of the highest standards of living in Europe.

    According to a May 2007 article in the Herald Tribune, tax cuts in Poland, Slovakia and Hungary before their entry in the EU have spurred economic growth in those countries.

    Do Tax Cuts Stimulate The Economy?

    But I never said that reducing taxes is the only factor in the economy, just that it has a positive affect. The negatives may out weight any tax cut.
    I think the information regarding Ireland needs to be seriously updated
    Happy Hanukkah Cheerfull Kwanzaa
    Happy Christmas Merry New Year Festivus for the rest of us

  10. #50
    Sage

    Join Date
    Sep 2010
    Last Seen
    Today @ 08:52 PM
    Lean
    Undisclosed
    Posts
    89,706

    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by ksu_aviator View Post
    Gross National Product
    Gross national product (GNP), a measure of a nation's wealth, is also directly affected by federal taxes. An easy way to see how taxes affect output is to look at the aggregate demand equation:

    GNP = C + I + G + NX

    where:

    •C = consumption spending by individuals
    •I = investment spending (business spending on machinery, etc.),
    •G = government purchases
    •NX = net exports
    Consumer spending typically equals two-thirds of GNP. As you would expect, lowering taxes raises disposable income, allowing the consumer to spend additional sums, thereby, increasing GNP. (To learn more, read Economic Indicators To Know.)

    Reducing taxes, therefore, pushes out the aggregate demand curve as consumers demand more goods and services with their higher disposable incomes. Supply side tax cuts are aimed to stimulate capital formation. If successful, the cuts will shift both aggregate demand and aggregate supply because the price level for a supply of goods will be reduced, which often leads to an increase in demand for those goods. (To learn more, read Economics Basics.)

    Tax Cuts and the Economy
    Tax cuts, when used properly, have stimulated the economy. Many credit President George W. Bush's tax cuts for moving the economy out of recession. Similarly, in 1964, Congress enacted an 18% cut in personal taxes to spur growth. The legislation was designed to encourage consumer spending - many believe that it succeeded admirably as consumers delivered a textbook reaction.

    According to a December 2004 article in Celtia.info, a magazine distributed in Celtic countries, tax cuts have also shown positive results in other countries as well. Ireland's recent tax cuts are believed to have improved living standards significantly. For years, the Irish were faced with high unemployment, budget deficits and high taxes. In 1986, Ireland faced a fiscal crisis. After reducing government spending, the government lowered taxes on both individuals and corporations. Over the next 13 years, Ireland's per capita income went from only 63% of the United Kingdom's average to besting it in 2000. Ireland now enjoys one of the highest standards of living in Europe.

    According to a May 2007 article in the Herald Tribune, tax cuts in Poland, Slovakia and Hungary before their entry in the EU have spurred economic growth in those countries.

    Do Tax Cuts Stimulate The Economy?

    But I never said that reducing taxes is the only factor in the economy, just that it has a positive affect. The negatives may out weight any tax cut.
    uh - we live in the USA - not Ireland and as others have said, Ireland is in deep doodoo right now.

    Second, lets see the stats that prove that tax cuts lead to more jobs right here in the good old USA. That is the mantra we hear constantly from the right that if we give the rich more money to keep then they will create more jobs for the poor slobs underneath them. So lets see that please.
    __________________________________________________ _
    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

Page 5 of 29 FirstFirst ... 3456715 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •