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Politics : Formerly About Advanced Micro Devices
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To: tejek who wrote (170078)5/29/2003 12:38:44 PM
From: TimF  Read Replies (1) of 1583823
 
as Mr. Bush signed the third-largest tax cut in history

By some ways of counting it is the third biggest, but its still a very small cut. Even the fact that it is only the third biggest shows that it isn't big. Because of inflation and because of the way government and our economy have grown only tax cuts in recent years have any chance of being considered the biggest when you measure by dollar amounts. This is the third biggest out of the last three tax cuts. Many tax cuts before that are a lot bigger in terms of how much the rate was cut, or in terms of percentage of GDP or percentage of tax revenue, but they are smaller in terms of total dollars because the dollars are worth less then they used to be and the economy is bigger then it used to be. The tax cut this year will probably be equal to about 1% of federal spending or .2% of the GDP. Its so tiny the main worry is that it will be too small to have any noticeable effect.

The president is not calling his tax package the "Windfall for the Wealthy" act, which is what it is. He calls it the "Jobs and Growth" act, which is what it's not.

It is a jobs and growth act and not really a windfall for the wealthy.

while starving the government of the money needed to pay for essential services and to maintain a safety net for the nation's most vulnerable citizens.

I've heard this again and again as federal spending has grown from $1tril a year to over $2tril, all the while both total and per capita spending grow faster then the inflation.

Tim
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