Is it time to repeal the Bush tax cuts?

[Polk]

The Reagan-Bush tax cuts for the rich created the vast majority of the National Debt.

Reagan's budget director David Stockman called them a "trojan horse" to reduce taxes for the rich.

Tax cuts don't cause deficits, you moron, spending more than you have does.
If you got a 25% raise at work and went out and spent 45% more, you'd run a deficit.
If you got a 5% cut in pay and cut your spending by 5% would you run a deficit?
Yer an idiot.

Saying that tax cuts don't cause deficits is sorta like saying I won't get fat by eating a carton of ice cream every day, because I could always run it off in theory.

 

[Kevin_Kennedy]

The Reagan-Bush tax cuts for the rich created the vast majority of the National Debt.

Reagan's budget director David Stockman called them a "trojan horse" to reduce taxes for the rich.

Tax cuts don't cause deficits, you moron, spending more than you have does.
If you got a 25% raise at work and went out and spent 45% more, you'd run a deficit.
If you got a 5% cut in pay and cut your spending by 5% would you run a deficit?
Yer an idiot.

Saying that tax cuts don't cause deficits is sorta like saying I won't get fat by eating a carton of ice cream every day, because I could always run it off in theory.

You could not eat the ice cream.

 

[Chris]

Stealing people's money from them could be in their best interest?

"Stealing"? Don't be silly.
It will benefit the wealthy, the investor class and the Captains of industry, when the 95% have jobs, pay taxes and spend money on durable goods; use less resources (unemployment assistance, etc.) and can afford to send their kids to college again.

What do you call it when a person or organization takes your money from you without earning it?

Hedge fund.

 

[Polk]

cutting spending will put a lot of leeches out of work and that is a good thing. fuck those who snuggle and suck at the government teat.

Who do you wish to "fuck" first? A wounded Marine? Sen. Orin Hatch? Or, maybe the entire Bush family: Sen. Prescott, Congressman, CIA Director, President George H. W., Gov. Jeb or President George W.?

i dont consider a Marine a leach, do you?

Among those that have been in there a while, the military is just as much of a cushy civil service job as any other.

 

[Polk]

Do you have any idea how much it costs to service our national debt? Tax the rich, it will be in their best interest. Targeted tax cuts to the middle class, they will spend and spur on the economy. The rich hoard.

They will not spend. Tax cuts are going towards savings. The rich are more likely to spend their tax cuts than the middle class.

However, that is not what I am saying. I am saying that the Bush tax cuts should not be allowed to expire. They can expire once this recession has passed. Raising taxes now is very bad policy.

The rich are far less likely to spending a tax cut than the middle class is. Marginal propensity to consume.

 

[Polk]

Tax cuts don't cause deficits, you moron, spending more than you have does.
If you got a 25% raise at work and went out and spent 45% more, you'd run a deficit.
If you got a 5% cut in pay and cut your spending by 5% would you run a deficit?
Yer an idiot.

Saying that tax cuts don't cause deficits is sorta like saying I won't get fat by eating a carton of ice cream every day, because I could always run it off in theory.

You could not eat the ice cream.

You realize that eating the ice cream is the tax cut in this analogy, right?

 

[Kevin_Kennedy]

Saying that tax cuts don't cause deficits is sorta like saying I won't get fat by eating a carton of ice cream every day, because I could always run it off in theory.

You could not eat the ice cream.

You realize that eating the ice cream is the tax cut in this analogy, right?

No.

 

[Toro]

The rich are far less likely to spending a tax cut than the middle class is. Marginal propensity to consume.

In a normal economy, that may be. That is not happening now. I read that 88 cents of every dollar in tax cuts is being saved. The paradox of thrift.

 

[rdean]

The US saw rapid growth during the 50's and 60's when the tax rate was up to 90%. Even by time Reagan was president, it was still up at 75%.

Republicans say if you give tax breaks and cuts to the rich, they will create jobs. If they are getting money thrown at them by Republicans, then why bother? Where is the motivation?

We already know that if all the money resides in the top 1%, the economy comes to a screeching halt. Why? Because no one has any money to spend, it's just common sense.

This myth that Reaganomics and trickle down works is exactly that, a "myth". This was created during the "Reagan Legacy Project" which started in the late 90's. His legacy and history were recreated into this fantasy that has been repeated so many times that only those over 55 actually know the truth.

 

[Fatality]

The Reagan-Bush tax cuts for the rich created the vast majority of the National Debt.

Reagan's budget director David Stockman called them a "trojan horse" to reduce taxes for the rich.

Tax cuts don't cause deficits, you moron, spending more than you have does.
If you got a 25% raise at work and went out and spent 45% more, you'd run a deficit.
If you got a 5% cut in pay and cut your spending by 5% would you run a deficit?
Yer an idiot.

Saying that tax cuts don't cause deficits is sorta like saying I won't get fat by eating a carton of ice cream every day, because I could always run it off in theory.

actually cutting taxes would be like NOT eating ice cream everyday.

 

[uptownlivin90]

The rich are far less likely to spending a tax cut than the middle class is. Marginal propensity to consume.

In a normal economy, that may be. That is not happening now. I read that 88 cents of every dollar in tax cuts is being saved. The paradox of thrift.

Would it be fair to say that this maybe be attributed to the mismanagement of funds by corporate CEOs and the financial system, and therefore tax cuts for the rich would be like rewarding idiots for idiocy at best and thieves for thievery at worst? I like the idea of using tax cuts as incentives, but it seems like under what was neo-coon control "incentives" were being treated as "give aways".. the idea of which I don't like.

 

[auditor0007]

And maybe the Reagan tax cuts too?

bonuses-put-goldman-in-public-relations-bind: Personal Finance News from Yahoo! Finance

Realistically, I think the Bush tax cuts will be repealed, but not until the economy is back on somewhat solid ground again.

 

[edthecynic]

Do you have any idea how much it costs to service our national debt? Tax the rich, it will be in their best interest. Targeted tax cuts to the middle class, they will spend and spur on the economy. The rich hoard.

They will not spend. Tax cuts are going towards savings. The rich are more likely to spend their tax cuts than the middle class.

However, that is not what I am saying. I am saying that the Bush tax cuts should not be allowed to expire. They can expire once this recession has passed. Raising taxes now is very bad policy.

What I would recommend is a DOLLAR FOR DOLLAR Bush tax cut SUBSTITUTION. The bush tax cuts should be replaced, dollar for dollar with cuts in the SS/FICA tax.

Bush's redistribution of wealth tax cuts took the Social Security Tax SURPLUS he inherited and collected at SS Payroll Tax Rates, 100% from wage earners making less than $100,000 and businesses that employ Americans, and REDISTRIBUTED most of it to incomes over $100,000 and Capital Gains Tycoons who are exempt from SS Payroll Taxes by using Income Tax Rates for the redistribution of the payroll tax surplus.
By simply saying his tax cuts were "across the board" Bush was able to deceive the gullible into believing it was fair to use the Income Tax rates to redistribute money collected at Payroll Tax rates.

So Tycoons who increased profits by outsourcing American jobs for cheeper foreign labor, were rewarded by Bush with a tax cut on that profit gained at the expense of American jobs. Not only that, but to further this redistribution of wealth and outsourcing of American jobs, Bush and the GOP congress raised the threshold on paying SS payroll taxes, making the cost of employing American wage earners even higher to those businesses that employ Americans.

What I would do to stimulate the economy and create AMERICAN jobs is to REPLACE each of Bush's stupid American job killing tax cuts when they expire or preferably sooner, DOLLAR FOR DOLLAR, with a cut in the job killing payroll taxes.
This would give the American wage earner an immediate increase in take home pay to spend on a regular basis without costing the employer a single penny, and the businesses that employ Americans would have an immediate cut in the cost of labor without downsizing or outsourcing a single American job. The businesses that employ the most AMERICANS will get the most benefit from my Cynical tax cuts. Exactly the group we would want to benefit most!!!

 

[Fatality]

Who do you wish to "fuck" first? A wounded Marine? Sen. Orin Hatch? Or, maybe the entire Bush family: Sen. Prescott, Congressman, CIA Director, President George H. W., Gov. Jeb or President George W.?

i dont consider a Marine a leach, do you?

Among those that have been in there a while, the military is just as much of a cushy civil service job as any other.

you get more fucking stupid by the minute

 

[PatekPhilippe]

Understood. No one likes to pay taxes. My point is those who earn the most got the greatest benefit from the Bush and Reagan tax cuts, and these same people are receiving enormous bonuses today. At the same time, those layed off and receiving unemployment benefits will soon be further out of luck.
The latter group will not spend money they don't have on goods and services from small business (as you suggest); and the big money boys won't either.

Wry,
I think it's time to rethink our tax policy all together...does anyone have a surefire way to raise revenue and not piss off some other interest group? No.

I believe the Bush tax cuts are set to expire soon. As far as I know nothing was made permanent. This will result in a tax hike for most working Americans. The Reagan tax cuts on the other hand are permanent. Why do you want the income tax raised back to 50% plus? This will not only affect you but nearly 40% of the workforce. With the price of the cost of living we pay today I cannot afford to give 50% of my paycheck to the government and then pay Medicare, FICA, health insurance and then still take care of my family. This is shear lunacy to me and would send the economy into a tail spin....not to mention get Obama thrown out of the White House on his ass.

 

[Toro]

Would it be fair to say that this maybe be attributed to the mismanagement of funds by corporate CEOs and the financial system, and therefore tax cuts for the rich would be like rewarding idiots for idiocy at best and thieves for thievery at worst? I like the idea of using tax cuts as incentives, but it seems like under what was neo-coon control "incentives" were being treated as "give aways".. the idea of which I don't like.

No, I don't think people increasing their savings because of the recession can be linked to any corporate malfeasance.

 

[alan1]

The Reagan-Bush tax cuts for the rich created the vast majority of the National Debt.

Reagan's budget director David Stockman called them a "trojan horse" to reduce taxes for the rich.

Tax cuts don't cause deficits, you moron, spending more than you have does.
If you got a 25% raise at work and went out and spent 45% more, you'd run a deficit.
If you got a 5% cut in pay and cut your spending by 5% would you run a deficit?
Yer an idiot.

Saying that tax cuts don't cause deficits is sorta like saying I won't get fat by eating a carton of ice cream every day, because I could always run it off in theory.

Actually, that is completely different. Sorry that you can't understand a simple concept like not spending what you don't have. You must be a congressman.

 

[alan1]

"Stealing"? Don't be silly.
It will benefit the wealthy, the investor class and the Captains of industry, when the 95% have jobs, pay taxes and spend money on durable goods; use less resources (unemployment assistance, etc.) and can afford to send their kids to college again.

What do you call it when a person or organization takes your money from you without earning it?

Hedge fund.

I don't have a line item on my pay stub for a deduction for a hedge fund.
Next stupid statement.........

 

[alan1]

Tax cuts don't cause deficits, you moron, spending more than you have does.
If you got a 25% raise at work and went out and spent 45% more, you'd run a deficit.
If you got a 5% cut in pay and cut your spending by 5% would you run a deficit?
Yer an idiot.

Saying that tax cuts don't cause deficits is sorta like saying I won't get fat by eating a carton of ice cream every day, because I could always run it off in theory.

actually cutting taxes would be like NOT eating ice cream everyday.

Maybe he meant free government cheese.

 

[Care4all]

The Reagan-Bush tax cuts for the rich created the vast majority of the National Debt.

Reagan's budget director David Stockman called them a "trojan horse" to reduce taxes for the rich.

Tax cuts don't cause deficits, you moron, spending more than you have does.
If you got a 25% raise at work and went out and spent 45% more, you'd run a deficit.
If you got a 5% cut in pay and cut your spending by 5% would you run a deficit?
Yer an idiot.

Why would the government lower taxes, Bush tax cut of 2001, and bush tax cut of 2003, when THEY KNEW they would be spending more? They KNEW IT...they KNEW they would be running deficits, borrowing from china and japan and saudi arabia? Why, why why would they lower taxes under those conditions...when they KNEW they would be spending much more?

it doesn't make sense...they gave tax cuts and in the same breath, they doubled their spending???? not logical to me....????

For votes???