COL Gene

Who Get's the Bush Tax Cuts?

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Who Get's the Bush Tax Cuts?

from JoeUser Forums


When the tax cuts were first discussed in early 2001, the Bush Administration made it appear that his tax cuts would mainly benefit the Average American. In 2001 in fact 70% of the total Tax cuts did go to the middle income workers and 30% went to the Top 20%. As the additional cuts to the upper income groups took effect, the picture changed. The bottom line is that 70% of the tax cuts go to the top 20% and the middle income receive 29% with 1% going to the bottom 20%. By 2010 the top 1% will be getting 51% of the total tax cuts.


In 2001 the tax cuts were $56 Billion. In 2006 they totaled $259 Billion. By 2010 the estimated total of the tax cuts will be in the range of $360 Billion. We need to eliminate the tax cuts for the top 20% which will restore 70% of the lost revenue to the Federal Budget. By 2011 eliminating the tax cuts to the top 20% would save $250 Billion Dollars per year. To keep the tax cuts to the bottom 80% will only cost $60 Billion in 2011.

From 2001 to 2011, the Bush tax cuts will cost the Treasury in lost tax revenue $2.4 Trillion and will be entirely financed with borrowed money!


Source Citizens for Tax Justice which used IRS data.
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18,606 views 54 replies
Reply #51 from JoeUser Forums Top
Draginol


The Comptroller General has documented that the new tax revenue generated by the wealthy investing in the economy from tax cuts only is 1/2 the amount lost from the tax cuts to the wealthy. We are getting $.50 on the $1.00 back from tax cuts to the wealthy. This is the same Voodoo Economics that failed when Reagan used it in the 1980's. Reagan claimed his tax cuts would stimulate the economy to grow at a rate of 6%. What happened was growth that average about 3%. That added $3 Trillion to the debt during Reagan. Bush did the same thing and added another $3 trillion to the debt in just 6 years.
Reply #52 from JoeUser Forums Top
This is the same Voodoo Economics that failed when Reagan used it in the 1980's. Reagan claimed his tax cuts would stimulate the economy to grow at a rate of 6%. What happened was growth that average about 3%.


Which was a lot better than what it was doing at the time. The economy was in the tank! Even though it was only rising at 3%....It was rising, wasn't it? So it "did" stimulate the economy!
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Reply #53 from JoeUser Forums Top
drmiler

The problem is that the growth did not replace the lost revenue from the tax cuts and created $3 Trillion of added debt that we are still paying interest on every year. If you think that is a good thing you have lost your mind!

If you were in business and bought something for $6 and sold it for $3, you would think you were doing well on the way to bankruptcy!
Reply #54 from JoeUser Forums Top
Fact Bush has added $3 Trillion dollars to the national Debt.


col political hack:

Are you forgetting we are at war? When a nation is at war that nation usually spends more money than it has in order to win the war. Only the USA has survived wars and paid off its debt.