10 Years Later, How Bush-Era Tax Cuts Changed America

Discussion in 'Politics' started by AK Forty Seven, Jun 9, 2011.

  1. A decade has now passed since the Bush-era tax cuts were signed into law, and the topic remains as divisive as ever.

    To mark the ten-year anniversary of the tax cuts, extended last year for both upper- and middle-class Americans in a deal to reauthorize unemployment insurance, the non-partisan Center on Budget and Policy Priorities published five graphs illustrating how the cuts have changed America, and will continue to do so in the future.

    What they find is unevenly distributed benefits. The percentage increase in after-tax income tilts greatly in favor of those making over $1 million, for one, especially when compared to Americans making between $40,000-$50,000. And at a time when the country is sunk in $14.3 trillion worth of debt, it's adding vastly to deficit, too. Indeed, the cost of the upper-income tax cuts is roughly equal to the Social Security shortfall in that span, CBPP says.

    Criticism of the tax cuts has not died, either. In a blog post this week, Roger Hickey, co-founder of the Economic Policy Institute, for example, called the cuts "another experiment in conservative voodoo economics." And even some of those who've benefited most from the cuts now view them unfavorably, specifically the roughly 200 "Patriotic Millionaires" that recently wrote a letter to Congressional Republicans asking that their taxes be raised to help deficit reduction, rather than relying alone on cuts in government spending.

    Below are five charts provided by the Center on Budget and Policy Priorities showing different ways the Bush tax cuts have affected the nation.





  2. And the republicans want to cut taxes even more


    The latest participant is Tim Pawlenty, the former governor of Minnesota who is vying for the Republican presidential nomination. He proposes to cut the corporate tax rate from 35% to 15% and to cut the top individual income tax rate from 35% to 25%. He’d also eliminate taxes on capital gains, interest, and dividends and repeal the estate tax.
  3. Lucrum


  4. Well Obama will certainly use that against them in 2012 and all polls show the majority of people want the Bush tax cuts for the rich to end
  5. Its very hard to cut taxes on the bottom 50% because they dont pay taxes.

    The bush tax cuts were heavily geared towards the middle class.
    This is why Obama and the Democrats fought so hard to keep them.

    800 billion over 10 years from the rich verses 2.2 trillion over ten years from the middle class.

    If you want to raise revenue you need to remove the Bush tax cuts from the middle class.
  6. I guess people are ok raising taxes on anyone making more money then themselves.

    Do we need a poll to figure that out?
  7. rew


    I am no fan of taxes but I believe that cutting the deficit should take priority over cutting taxes. I also strongly believe that any time the federal government gets us into a war it should be required to immediately raise taxes to cover the full cost of the war, including all long term health care costs to wounded veterans. If the government had to do that the Republicans would be the most pro-peace party in the country. If you don't think a war is worth a $2000 per household annual increase in taxes then you don't think the war is really worth fighting, so don't fight it.

    I put much of the blame for our outrageous deficits on Reagan. He was the "conservative" who learned that the route to political popularity is to cut taxes without cutting government spending, but instead to just borrow the difference. He taught Republicans to stop worrying and love the deficit.
  8. + 1 million
  9. Not true.Most people only want taxes raised on those who make over 250,000 so middle class people making 50,000 don't want taxes raised on people making 150,000
  10. Thats only because Obama has talked about those income numbers....
    The left sure hate rich peole...All their solutions involve taking money from them.
    #10     Jun 10, 2011