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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: bentway who wrote (615591)	6/9/2011 7:22:05 PM
From: i-node	Read Replies (2) \| Respond to of 1583508

If the Bush Tax Cuts did not increase revenue, can someone please explain the following graphic of income tax revenue for the United States? Considering the inherited recession and the after effect of 9/11, it is crystal clear that the Bush Tax Cuts resulted in higher revenue over the entire Bush term. To blame the reduction in revenue in 01-04 on the cuts is ridiculous. And to blame the crash in 08-09 is beyond ridiculous (an obvious outgrowth of other pre-Bush policy). The entire argument is just disingenuous IMO.

To: bentway who wrote (615591)	6/11/2011 10:51:29 AM
From: TimF	Respond to of 1583508

But the benefits mostly accrued to the rich Any broad based, relatively even handed tax cut will have its direct benefits, measured in dollar terms, mostly go to the rich, since they pay the most taxes. They also pay the most out of any increase, even if it isn't focused on them, for the same reason. Taxes rates go back and forth, if you don't allow the rich to benefit more in dollar terms from the cuts, then gradually they have their rates ratchet up to confiscatory levels. If you just want to grab most of the income from the rich, you should be honest and direct about it, rather than complaining that after paying the most, and getting hit hardest by any increases, that its so horrible that the dollars they pay in taxes go down more than other groups when taxes are cut. The rich didn't get the biggest tax cuts as a percentage. Unfortunately, the tax cuts never translated into robust economic growth Since the economy is influenced by many important factors (and countless and to a large extent unrecognizable minor factors), it never was very reasonable to think tax cuts would result in an economic boom. But they probably did make the situation better than it otherwise would have been.