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Old 10-25-2010, 10:37 AM   #42
tendrilly
 
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Join Date: Mar 2009
Posts: 183
Default about those tax cuts...

Quote:
Originally Posted by Boomygrrl View Post
My husband got offended that Obama made a "snarky" remark about lowering the taxes and wanting the Tea Partiers to thank him.
I thought it was funny.

I still don't understand why the outrage now? Bush was re-elected for his second term-- everyone seemed okay.
He gave tax cuts to his rich buddies-- everyone seemed okay.
Actually, he lowered the tax rates for ALL brackets. The thing most people don't realize is that U.S. tax policy actually became more progressive under Bush.

Here's a quote from a Detroit News article back in 2004:

"The CBO [nonpartisan Congressional Budget Office] report shows how 2004 income tax rates have dropped for everyone compared with tax laws in force in 2000.

The report also shows that Bush’s tax cuts have been “progressive” — that is, they have shifted the share of the overall federal income tax burden toward the wealthy and away from lower-income earners. Without the Bush tax cuts, the highest-earning 20 percent of households this year would have paid 78.4 percent of all federal income taxes. Now, after the Bush tax cutes, their share of the burden has risen to 82.1 percent. Every other group now pays a smaller share of the total income tax burden
."

Also -- to make a different point, by not renewing the Bush tax cuts, President Obama and the Democrats are giving us all a big tax increase starting in January. Yes, you can say they just wanted it for the middle class, but if you don't give it to everyone (including employers, and sorry, but that might include some people who make more money than we do), then you are not going to grow the economy. That's just economic fact.
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