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Cigar
06-07-2012, 02:03 PM
........

11 Years Ago Today

As I mentioned on MSNBC last night, today marks 11 years since the Bush tax breaks for the rich were enacted. President George W. Bush signed the Economic Growth and Tax Relief Reconciliation Act on June 7, 2001. Bush claimed (as right-wingers always do) that tax breaks for the rich would create jobs in the private sector. Well, they haven't (http://www.nationalreview.com/corner/301760/private-vs-public-employment-nicole-gelinas#). There were 110 million private sector jobs in America in 2001. There are 110 million private sector jobs in America today. Despite a population increase of more than 25 million, there are no more private sector jobs today than when the Bush tax breaks for the rich became law. In the past 11 years, the number of Americans living in poverty has increased from 33 million to 44 million. The number of Americans receiving food stamps has risen (http://money.cnn.com/2011/08/04/pf/food_stamps_record_high/index.htm) from 18 million to 46 million. "Trickle-down" has not even been a trickle. But what could we expect? We didn't give tax breaks to the poor; we gave tax breaks to the rich. And for the rich, the past 11 years has been one long party. According to the Paris School of Economics, the top 1% in America saw their share of national income increase by more than 13% from 2001 to 2010. The top 0.1% saw their share of income increase by 20%. The top 0.01% saw their share of income explode by more than 37%, from 2.4% of all of the income in America to 3.3%. The Bush tax breaks for the rich have yielded the most unequal distribution of wealth in American history, more unequal even than that of 1929, just before the Great Depression. The lurch toward inequality started decades ago; the Bush tax breaks for the rich only accelerated it. According to the nonpartisan Congressional Budget Office, since 1979, income for the top 1% has increased (http://www.cbpp.org/cms/index.cfm?fa=view&id=3309) by $700,000 a year, while income for the bottom 90% has declined by $900 a year. Between 1992 and 2007, income for the richest 400 Americans increased by 392%, as their taxes dropped by 37%. You see where this is going. The end-game of the Bush tax breaks for the rich is the end of the middle class in America. No jobs, no healthcare, no pensions, no home equity, no higher education. The rich get richer, and the poor get poorer. The Bush tax breaks are due to expire in a few months. We are at a fork in the road. No more tax breaks for the rich. No. No. No. No. Courage, Alan Grayson "The rich get richer and the poor get laid off. In the meantime, in between time, Ain't we got fun?" - Van & Schenck, "Ain't We Got Fun" (1921) http://www.huffingtonpost.com/rep-alan-grayson/bush-tax-cuts_b_1578264.html?ref=business

Trinnity
06-07-2012, 02:23 PM
Alan Grayson? LOL - can't and won't take anything he says seriously.

Next?

Cigar
06-07-2012, 02:26 PM
Alan Grayson? LOL - can't and won't take anything he says seriously.

Next?


Ok ... will you agree that this is the 11th anniversary of the George W Bush Tax-Breaks? :)

Deadwood
06-07-2012, 02:29 PM
Ok ... will you agree that this is the 11th anniversary of the George W Bush Tax-Breaks? :)

Typical liberal logic bending.

There's been a few developments since the tax breaks were brought in...not the least of which is Barak Obama....

And, if you're suggesting there is something wrong with the Bush tax cuts, then how come your idol hasn't 86'd them? He had full controll of the House and Senate for two years....

Hmmmmm?


Try harder...

Cigar
06-07-2012, 02:33 PM
Typical liberal logic bending.

There's been a few developments since the tax breaks were brought in...not the least of which is Barak Obama....

And, if you're suggesting there is something wrong with the Bush tax cuts, then how come your idol hasn't 86'd them? He had full controll of the House and Senate for two years....

Hmmmmm?


Try harder...


I couldn't agree with you more ... trying to be Bi-partition with the GOP was stupid and a waist of time for everyone. From the day Obama took office, the GOP had zero plans to work with this President.

So ... Fork'em and get on with it ... it's getting 86'ed Big Time!


Obama: Bush Tax Cuts For Wealthy Will Not Be Extended, Period


The White House is insisting President Barack Obama will not extend the Bush-era tax cuts for wealthier Americans – even temporarily. Obama spokesman Jay Carney said the president has been clear in his opposition to extending tax cuts for households with annual incomes above $250,000.


Tax cuts for people of all incomes are due to expire at year's end.
Carney's stand came after former President Bill Clinton caused a political headache for the White House by suggesting in an interview that tax cuts for people of all incomes – including the rich – should be extended into 2013 to avoid economic harm and allow time for a broader fiscal deal.


Pressed directly on whether Obama would support a temporary extension, Carney said: "He will not. Could I be more clear?"

http://www.huffingtonpost.com/2012/06/06/obama-bush-tax-cuts-will-_n_1574165.html

Professor Peabody
06-12-2012, 08:01 AM
........


Major tax areas affected http://upload.wikimedia.org/wikipedia/commons/thumb/0/0a/Economic_Growth_and_Tax_Relief_Reconciliation_Act_ of_2001_Signing.jpg/220px-Economic_Growth_and_Tax_Relief_Reconciliation_Act_ of_2001_Signing.jpg (http://en.wikipedia.org/wiki/File:Economic_Growth_and_Tax_Relief_Reconciliation _Act_of_2001_Signing.jpg) http://bits.wikimedia.org/static-1.20wmf4/skins/common/images/magnify-clip.png (http://en.wikipedia.org/wiki/File:Economic_Growth_and_Tax_Relief_Reconciliation _Act_of_2001_Signing.jpg)
President George W. Bush signing the Economic Growth and Tax Relief Reconciliation Act of 2001 in the White House East Room in June 7, 2001


Income tax EGTRRA generally reduced the rates of individual income taxes (http://en.wikipedia.org/wiki/Income_tax):


a new 10% bracket was created for single filers with taxable income up to $6,000, joint filers up to $12,000, and heads of households up to $10,000.

the 15% bracket's lower threshold was indexed to the new 10% bracket
the 28% bracket would be lowered to 25% by 2006.
the 31% bracket would be lowered to 28% by 2006
the 36% bracket would be lowered to 33% by 2006
the 39.6% bracket would be lowered to 35% by 2006

http://en.wikipedia.org/wiki/Economic_Growth_and_Tax_Relief_Reconciliation_Act_ of_2001

Do you prefer to raise taxes on the poor?

coolwalker
06-12-2012, 09:09 AM
Ok ... will you agree that this is the 11th anniversary of the George W Bush Tax-Breaks? :)

Cigar, understand this. You could say the sun was yellow and we wouldn't agree with you. We will agree that you drank too much Kool-Aid though.

Mainecoons
06-12-2012, 11:44 AM
Close but no cigar. The so-called "tax breaks for the rich" are worth less than 80 billion per year. Most of the tax breaks went to the decidedly non-rich. However, even if those too were repealed, the revenues gained would be less than $300 billion per year or 20 percent of the ObamaDeficit.

Try again. That was truly pathetic. Soak the rich isn't going to solve the mess that Obama, Nancy and Harry created with the help of Bush and the Republicrats. Cutting government 40 percent sure would, though.

Cigar
06-12-2012, 12:21 PM
I have to admit ... you guys are consistent :)

Mainecoons
06-12-2012, 01:56 PM
Yeah, we actually look at the numbers instead of just emoting. Hard concept for you to grasp. Sorry about that. :grin:

Cigar
06-13-2012, 06:48 AM
obstruction * filibusterer = job killers

BTW; do any of you political geniuses know where laid-ff police officers, teachers, fire fighters, and other public sector employees go the day after they are let go?

It's called the Unemployment Office.

Peter1469
06-13-2012, 04:51 PM
obstruction * filibusterer = job killers

BTW; do any of you political geniuses know where laid-ff police officers, teachers, fire fighters, and other public sector employees go the day after they are let go?

It's called the Unemployment Office.


And if the federal government gives the local government a grant to pay for extra police and teachers, where do they go when the grant runs out?

The local governments are going to have to live within their means. At least until we find out how to grow money trees.

wingrider
06-13-2012, 05:24 PM
obstruction * filibusterer = job killers

BTW; do any of you political geniuses know where laid-ff police officers, teachers, fire fighters, and other public sector employees go the day after they are let go?

It's called the Unemployment Office.


p.. same place that the private sector worker goes when he/she loses a job.. what? you think public sector workers are special or something.?

Mainecoons
06-13-2012, 06:37 PM
It isn't the police and fire fighters that are the government deadwood. This is just more emotional crap meant to distract people from noticing all the BS money wasting obstructionist "workers" involved in government make work agencies these days. Exactly why we need a movement called "rollback" to roll the government back 40 years in size and scope and limit it to providing vital services that can't be provided in any other way.

bladimz
06-13-2012, 09:21 PM
I especially like the part where we should cut all discretionary spending without increasing revenues. Starving the beast, or austerity, is just not the way out. No one said that you have to like it, but we're going to have to spend our way out. If americans expect our government to serve as job creators, they're going to have to let the federal government do what the rich didn't feel like doing... spend money to create jobs. After all, wasn't that the whole thing behind the tax-cuts? It was supposed to give the rich the opportunity to use all that extra money to invest in the economy. Apparently, the rich didn't feel like it, so now everybody expects Obama to do it. C'mon, rich guys. Do your part.

wingrider
06-13-2012, 11:58 PM
don't expect any change in the numbers until after the SC rules on Obama care, and how the carbon tax credits are going to be implemented.. NObdy is going to waste what capital they have until those things are settled.