Tax Cuts and Revenue

According to an analysis by Pulitzer-Prize winning reporter David Cay Johnston, formerly of the New York Times, the Bush tax cuts, touted as a harbinger of prosperity by the Republican Party, actually robbed each American taxpayer of $48,000 in pre-tax personal income during the twelve years of their existence, for a total of approximately 6.6 trillion dollars.

This is more than enough to pay for every student loan, car loan, and credit card debt in the U.S, while still leaving 2.4 trillion dollars in the pockets of Americans. It is the equivalent of an extra 11 dollars a day lost to each American taxpayer over the last twelve years.

Johnston analyzed rates of long term average personal incomes as reported by American taxpayers from 2000-2012, adjusting for inflation and population growth. His tables are contained in this article:

http://www.dailykos.com/story/2014/...Gutted-Americans-Incomes-6-6-Trillion-Dollars

 

This is proof of how stupid leftists and the drones who read them are...
Look below to see how he arrived at the number.... note the words... adjusted for inflation and growing population.

Basically he showed that inflation and massive immigration harms the standard of living of tax payers.
--
The missing number

I calculated that enormous figure by comparing the average income Americans reported on their 2000 tax returns with what they reported each year for 2001 through 2012, adjusting for inflation and the growing population. Add up the income for 12 years and it turns out to be $6.6 trillion less than if we had maintained the prosperity of 2000 for a growing population.

 

I went to the link and looked at the column... the bush years were good for income improvement... it has been the inflation during the Obama years which have been the problem for incomes.... as we conservatives have been saying...

Inflation kills the working class. Obama and the FED policies of printing dollars have been destroying the working class

The bush tax cuts in 2003 put into place the tax cuts... so even dimished for inflation they had a very positive effect in 04. 05, 06, and 07.
This seems to prove tax cuts work even after you take out inflation.

2008... was a problem.
after 2008 the inflation and and increase in taxes and regulation has destroyed the working class.
we also know that even the top 1% paid more in taxes after the tax cut of 2003.

Thanks for pointing this out.
It would take aljazeera and the dailykos to print such a distorted view of reality.

here are the numbers below..


http://america.aljazeera.com/opinions/2014/7/economy-bush-taxcutsgrowthjobs.html


2000 $67,973 - -
2001 $63,637 ($3,925) ($511 billion)
2002 $61,339 ($6,004) ($781 billion)
2003 $61,533 ($6,440) ($840 billion)
2004 $64,661 ($3,313) ($438 billion)
2005 $67,287 ($686) ($92 billion)
2006 $68,447 $504 $70 billion
2007 $69,717 $1,744 $249 billion
2008 $64,093 ($3,881) ($553 billion)
2009 $60,194 ($7,779) ($1 trillion)
2010 $61,762 ($6,212) ($888 b)
2011 $60,330 ($7,643) ($1 trillion)
2012 $64,640 ($3,333)

 

Lmao.

 

these were you guys #s after being adjusted down.

2003 $61,533 ($6,440) ($840 billion)
2004 $64,661 ($3,313) ($438 billion)
2005 $67,287 ($686) ($92 billion)
2006 $68,447 $504 $70 billion
2007 $69,717 $1,744 $249 billion

 

"messenger assassination by innuendo? is that what you pre fascists are stooping too now?

why must you all always try to attack the messenger instead of the facts?"

 

this is reality... real world dollars...

http://www.forbes.com/sites/beltway...-cuts-payments-by-wealthy-actually-increased/

The second, and more critical conclusion from Table 1 is that the next four years of the Bush Presidency after the 2003 reduction in tax rates saw a 44% increase in Federal tax revenues from $1.782 trillion to $2.568 trillion. That’s correct – a 44% increase in revenues after the so-called “tax break for the wealthy.”

The key question here is what did the wealthy contribute to this impressive increase in tax revenues? Let’s examine four income groups based on their adjusted gross income: the top 0.1% of earners representing about 129,000 tax returns in 2003 and 141,000 tax returns in 2007; the top 1% of earners representing 1,286,000 returns in 2003 and 1,411,000 returns in 2007; the top 25-50% of earners representing 32,152,000 returns in 2003 and 35,268,000 returns in 2007; and finally the bottom 50% of earners representing 64,305,000 returns in 2003 and 70,535,000 returns in 2007. Table 2 shows the total income tax and percent of total Federal tax revenues paid by each income group in 2003 and in 2007. As Table 2 shows very clearly, the top 0.1% and top 1% of earners (which includes all millionaires and billionaires) had major increases in their income tax payments between 2003 and 2007, both in absolute dollars as well as in their % contribution to total taxes while the 25-50% income group and the bottom 50% income group saw their share of total taxes fall and their absolute tax payments increased trivially. When we look at the daily cost of increased taxes for the average tax payer in each income bracket we see that the top 0.1% paid $1,887 per day more in 2007 than in 2003. (Remember this is despite the fact that their tax rates were reduced.) The top 1% of earners paid an increase of $58 per day, the top 25-50% of earners paid an extra $1 per day, and the bottom 50% paid an increase of 14 cents per day.

 

Bush II inflation % by year 2001-2008: 2.8, 1.6, 2.3, 2.7, 3.4, 3.2, 2.8, 3.8
Obama inflation % by year: 2009-present: -0.4, 1.6, 3.2, 2.1, 1.5,

 

I presented the facts and showed the messenger to have a very stupid conclusion.
when the messenger distorts reality.. he is not just the messenger he is the the author of the propaganda.

 

What "facts"?

An absurd article using an absurd methodology produced an absurd result.