Tax Cut... Yea Right...

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Old Apr 4, 2004 | 04:44 PM
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Tax Cut... Yea Right...

Until now, the public debate over the Bush tax cuts has played out along predictable, partisan lines. You've heard it so often, you can probably say it along with me. Bush argues that cutting taxes for all Americans stimulates the economy and will make everyone more prosperous. His stated goal: "Lower income taxes for all, with the greatest help for those most in need.'' Meanwhile his opponents say the bulk of the tax cuts have gone to the well-off. Bush and his opponents are both being factual—but, as we'll soon see, they use convenient facts and ignore inconvenient ones.


The blather from both sides obscures the real, but largely hidden, agenda behind the Bush tax cuts. Bush has been open about each item he wants: lowering taxes on capital income, such as dividends and capital gains; creating two big new income-sheltering investment plans; eliminating the estate tax. But he's not been at all forthcoming about the ultimate effect of his program. If Bush gets what he wants, the income tax will become a misnomer—it will really be a salary tax. Almost all income taxes would come from paychecks—80 percent of income for most families, less than half for the top 1 percent. Meanwhile taxpayers receiving dividends, interest and capital gains, known collectively as investment income, would have a much lighter burden than salary earners—or maybe none at all. And here's the topper. In the name of preserving family farms and keeping small businesses in the family, Bush would eliminate the estate tax and create a new class of landed aristocrats who could inherit billions tax-free, invest the money, watch it compound tax-free and hand it down tax-free to their heirs.

By drastically favoring investment income over salary, fees and other "earned income," Bush would make it harder for people who start out with nothing to earn their way up the economic ladder, because they'd pay full taxes on almost everything they make, but he'd shower rewards on people who have already made it to the top rungs.

With the current rate of spending and tax-cutting, there's no way the government can even remotely balance its books without huge spending cutbacks, which are unlikely, or new sources of revenue. Bush people talk about growing our way out of budget problems, but that just doesn't seem possible—especially if Bush's two big new proposed tax cuts are adopted. Private whispering among experts from right to left is that some sort of national sales tax is inevitable if we continue current spending patterns, exempt investment income from taxation and try to fix the AMT. Who would be affected the most by such a "consumption tax"? People who live from paycheck to paycheck, spending virtually every dollar that comes in the door.


Greg Mankiw, chairman of Bush's Council of Economic Advisers, argues that lowering taxes on investment income doesn't reward just the well-off, even though they get the bulk of that income. "When you reduce the taxes [on capital], you get higher investment," says Mankiw, chosen by the White House as its spokesman for this article. "And when you get higher investment, workers are more productive and get higher wages." Over time, he argues, more and more of the benefit goes to workers. It sure sounds great—but it's not provable, at least not to me. This isn't trickle-down economics, it's seep-down economics. When I paid lower taxes on the dividends I got from Lee Enterprises, an Iowa-based newspaper chain, did Lee run out and give raises to reporters and buy more presses? I think not.

Lest you think that I'm picking only on Bush, bear with me. Sen. John Kerry's turn will come later—I'm dealing with Bush first because it's clear what his policy's about, but we don't really know much about Kerry's specific plans yet.


http://www.msnbc.msn.com/id/4660655/

Do get deceived by these latest "job" numbers either. Unemployment went UP for March..... The latest "banter" is Bush's Average Unemployment is the Same as the Clinton's "AVERAGE". These guys will do ANYTHING to meet their Agenda. Clinton STARTED with a high Rate and brought it DOWN. Bush started with a LOW rate and brought it UP. You got to take everything with a grain of salt these days. That's true with Both parties though....

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1994 6.6 6.6 6.5 6.4 6.1 6.1 6.1 6.0 5.9 5.8 5.6 5.5
1995 5.6 5.4 5.4 5.8 5.6 5.6 5.7 5.7 5.6 5.5 5.6 5.6
1996 5.6 5.5 5.5 5.6 5.6 5.3 5.5 5.1 5.2 5.2 5.4 5.4
1997 5.3 5.2 5.2 5.1 4.9 5.0 4.9 4.8 4.9 4.7 4.6 4.7
1998 4.6 4.6 4.7 4.3 4.4 4.5 4.5 4.5 4.6 4.5 4.4 4.4
1999 4.3 4.4 4.2 4.3 4.2 4.3 4.3 4.2 4.2 4.1 4.1 4.0
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 4.0 3.9 3.9 3.9
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.4 5.6 5.7
2002 5.6 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.8 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.9 5.7
2004 5.6 5.6 5.7
 
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Old Apr 4, 2004 | 06:03 PM
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Same liberal spin every time…

It has been proven time and time again with Kennedy in the 60’s, Reagan in the 80’s and now with Bush in the 00’s that tax cuts work EVERY TIME they are tried. Not only are tax cuts good for the little guy like us, they are good for business because they create jobs and put more REVENUE into the federal coffers.

You liberals can do and blame what you want on who you want but the truth is the truth.

Has President Bush’s last 3 years been great? That is debatable but the fact remains he was handed a recession from Clinton and then 911 happen. Both those greatly affected the economy in jobs and unemployment.

President Bush’s tax cuts has helped keep the economy in somewhat decent condition and now headed for an excellent rebound.

I know, I know good news for America is bad news for liberals but that’s just too bad. I can tell you this for a fact any tax hikes like Kerry has promised would put our economy right back where Clinton left it, in the hole and going down…

So, you have seen proof by three Presidents what tax cuts do and you seen proof what happens when Presidents have tax hikes (Clinton recession) so the choice is yours…

I think one of the biggest mistakes made by President Bush so far was that stupid give-a-way to the elder people of free drugs. They need to completely cancel that program because we do NOT need and can NOT afford any more HAND-OUT or other wise known as socialist programs…

Once they gut that they can have a new round of tax cuts…


Oh, and by the way, capital gains tax cuts help the vast majority of Americans. Do you do ANY investing at all? Any 401k’s or other company investment plans? If yes then you benefit from the tax cuts…

The estate tax was unfair and there should be NO estate tax at all because in my opinion it is illegal since it is double taxation. You are taxing something that has been taxed once already.

Furthermore limiting or getting rid of the estate tax will help many minorities since some of those family business’s are getting to the point someone may be able to hand them down due to death in the family. It is well known that most small business that COULD have been handed down to a family member can NOT be handed over due to the unfair burden of the tax. Usually that tax is in the neighborhood of 80%.

If a family created a successful business it is neither your business or any other liberals if they continue to make millions or billions of dollars in profits since they will ALWAYS pay taxes on that profit like anyone else.

Those that are for estate tax are those that have deep beliefs in a complete socialist country and taking away a families life earnings because someone died. That is the saddest thing I have ever heard of. Like walking into the cemetery as they are burying their loved one and then pulling the dead person out and going through all their pockets to make sure there is not a few bucks that happen to slip by the socialist and then throwing the body back in the coffin and telling them ”Ok you can bury this cheap SOB”

I tell you liberals sure are a heartless bunch of socialist but you have to be I guess to have this socialist dream…



It is funny watching all these liberals panic when good news comes out. Last month over 300,000 new jobs so there goes the economy argument. Iraq is going very well and Clark made a complete *** of himself so the argument that Bush is a weak leader is out. Now tax cuts are working just like most people knew they would so now the tax cut argument is out…


Kerry is so screwed he might as well head back up and ski since he don’t have a chance in hell of every becoming President…
 
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Old Apr 4, 2004 | 06:56 PM
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I wouldn't say Iraq is going very well?
 
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Old Apr 4, 2004 | 07:24 PM
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It's funny how blind some people can be with their eyes wide open. The economy is improving, albeit slowly. Do you think we would still be in a recession if it weren't for 9/11, which is the fault of the last administration? Anyone who is willing to put the blame on Bush for this economy must also put the blame on the Klinton administration for 9/11. So many chances to take out Al Qaeda, yet nothing was done. Bhibbs, you're constant twisting of the truth and arrogance has made it's way from the '04 Forums over here to General Discussion I see.


As for Iraq, it is going VERY well. That is unless you get your news solely from the big 3 (ABC,CBS,NBC) which have BIG ties to the Democratic party.
 
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Old Apr 4, 2004 | 07:47 PM
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Blind? Iraq is going good at best. If 10 soldiers getting mudered today is your definition of "VERY" good then God bless your soul and our troops.
 
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Old Apr 4, 2004 | 08:11 PM
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You know what I think the biggest part of the problem with Iraq is? It’s the fact that so many people have no clue as to what war is.

War is death and destruction plain and simple. I do not like to see any solders killed but you know what, it is a very real possibility that comes with the job and every single person that joins the armed forces knows this going into it. When I joined I knew it, it is a fact of life in the military that you may die for your country. They know they may have to put their life on the line and at times possible give up their life for the well being of hundreds and thousands of others.

The death rate of American solders in Iraq is extremely low compared to any war in modern history so yes the war in Iraq is going extremely well. If there is anyone who truly believes that a war can be fought without any death they are a complete moron and have not got a clue on how life works or how freedom is assured for all who wish to have it.

Freedom is NOT nor will it ever be FREE, it cost and it cost BIG TIME and that usually comes in the brave giving their lives so that untold millions can enjoy freedom and then run their mouths about misinformation about war…

America did not start the war but America will do its best to end terrorism or at least move it to France somewhere…
 
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Old Apr 4, 2004 | 08:17 PM
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Frank S and I as well as a few others will continue to insure that the TRUTH is heard and out there for all to read and make their own conclusions…

We will continue to insure and try our best to straighten out the SPIN and clear the smoke screen that goes on by liberals and socialist that try to blindside people by propaganda, together we can all insure that those interested actually get the truth…
 
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Old Apr 4, 2004 | 08:47 PM
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You pretty much make my case. Iraq going well... Economy getting better, Clinton created Recession... Where do you get this stuff.

Didn't we just lose control of a CITY last week in Iraq, and today there were huge protests and hundreds of Iraqis had to be SHOT to quell the violence, not to mention 8 more American Soldiers Killed..

Maybe you should read the article Again, because it doesn't sound like we're reading the Same one. It's SOOO obvious how these cuts benefit the Ultra Rich guy, yet SCREW the Average American. It's a real shame.......

People are starting to see through it though, and Not buy in to the deception.
 
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Old Apr 4, 2004 | 08:57 PM
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Well I don’t know about you but I am paying fewer taxes out of my paycheck. This is not the case for you?

Yes, Iraq is going extremely well. There is always going to be some set backs in war and we have had a few here and there. It’s nothing to worry about since overall Iraq is going extremely well for anyone with an open mind and an understanding in how war works.

Another important note is to not follow the news so closely from CNN and other liberal news broadcast stations that only report one side of the war. Many people have been back from Iraq and have basically all said the same thing ”Why is the major news stations not reporting what is really going on and only a few of the bad things?”


You liberal socialist are a funny bunch. You get a little bigger paycheck and somehow come to the conclusion you are getting less pay in your paycheck. I guess that’s because of the fuzzy math you people practice (i.e. 2 + 2 = 3)…
 
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Old Apr 4, 2004 | 10:27 PM
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There's 2.5 million in the country that aren't getting a paycheck at all! You seem to be forgetting about them. Plus the growing unemployment rate. Yea, there's a Lot of people complaining about the pay checks, or lack of them.

You get an idea of who you're dealing with when they tell you not to watch CNN or any other mainstream media source because they're not telling the truth... Who CAN we get our news from???

Actually, this is the First year since I've been working I didn't make more money than the year before... Tough times, poor economy, no raises. Thanks for the 400 bucks though..... I think I'd rather have a Dem in office and get back my 5,000.00 dollar raises...

I thought Bush declared an end to the "military" operations a long time ago on that Carrier. Are we still at war with Iraq???
 
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Old Apr 4, 2004 | 10:33 PM
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From: The Buckeye State!!!!!
Im with you BHibbs...........All I know is that I wasnt getting laid off a week out of every month, having to take on an extra job, and worrying about what bills I was and wasnt going to pay this month when Clinton was in office. I have never heard someone complain about "liberals" as much as you do Burt. Its kind of funny in a way. I guess that would make the current staff the "rich boys". Well thanks to the current "rich boys", the poor get poorer and the rich get richer. Just ask all the oil companies that GWB and Cheney are cuddling up with every night. Or the companies that Cheney is involved with that got contracts to rebuild Iraq. Dont get me wrong, all politicians are crooks and liars (and I mean ALL of them). But dont act like the only liars and crooked people in the government is democrats. And dont even get started about the war in Iraq. How many people had to take the fall and got the finger pointed at them when Bush was prooven a liar. Funny thing they havent found any WMD yet. And I definitely dont think it is funny that we have people dieing on foreign soil, and then we have a president making jokes at a fundraising dinner for the reason he sent them over there in the first place. What kind of character does that show for him? I personally dont want a president that finds it funny when we have friends and family dieing for his (and his daddys) war.

Ok........................Blast away!!
 
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Old Apr 4, 2004 | 10:49 PM
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Originally posted by BHibbs
Thanks for the 400 bucks though..... I think I'd rather have a Dem in office and get back my 5,000.00 dollar raises...
Your five thousand dollar raise is under the same chair that Bush was looking under for the WMD's. I dont think he found anything though.
 
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Old Apr 4, 2004 | 11:08 PM
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You're right Engine. Those jokes were in Poor taste.

Ohio has been hit pretty hard. 270,000 manufacturing jobs lost in Ohio alone to pay for Bush's Tax cuts. Plus we had a 20% Sales Tax increase, AND 2/3 of our Schools had to have School Levy's because of all the dollars he cut out of our Schools. Yea, we're saving Sooo much money in Taxes..


So much for Homeland Security here in Ohio. They just layed off 750 Police and Firemen in Cleveland Alone! I Guess First Response isn't really a Big Deal... We've got a HUGE budget of our tax dollars going towards "homeland Security." Cleveland is a Harbor town. How do we LOSE First Responders?? We're getting ripped off..
 
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Old Apr 5, 2004 | 12:12 AM
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Well I'd have to say I am paying more in taxes, but that's what happens when you make more money.

Gee it looks like the unemployment rate really took off last month. What did it go up to? Oh! It went down 308,000 jobs. Gee if it continues to go down like tihs every month until the end of the year it sounds like over 3,000,000 new employees this year. Wow imagine that everyone gets their jobs back.

Clevland laying off their police officers is not big news they are constantly doing it. I receive a journal about from my union detailing this. Of course the union is fighting it but, "if you ain't got no money you ain't got no money." I can't say anything about the firemen or medics.

I know I'm getting old and my memory isn't quite good any longer but I thought Bush declared an end to "major Fighting" in Iraq. If you think putting down protestors, or losing control of a town to a milita is major fighting, then you need to rethink what war is. What is happening is expected. You have a country that has been freed from a dictator who has been in power for a very long time he still has followers and people do not know how to behave without the constant pressure.

Those who were in the military for a couple of enlistments could probably relate. No body to tell you what clothes to wear, when to return to the base,how long to wear your hair, how to wear you faical hair or any of that. At first it is a little unusual figuring out what hair style to have, when you can have any kind you want.
 
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Old Apr 5, 2004 | 07:36 AM
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Originally posted by BHibbs
There's 2.5 million in the country that aren't getting a paycheck at all! You seem to be forgetting about them. Plus the growing unemployment rate. Yea, there's a Lot of people complaining about the pay checks, or lack of them.
”Thanks Mr. Clinton…”


Originally posted by BHibbs
You get an idea of who you're dealing with when they tell you not to watch CNN or any other mainstream media source because they're not telling the truth...
If you want to get your slanted news from the Clinton News Network then fine just know you will always be in the dark…


Originally posted by BHibbs
Actually, this is the First year since I've been working I didn't make more money than the year before... Tough times, poor economy, no raises. Thanks for the 400 bucks though..... I think I'd rather have a Dem in office and get back my 5,000.00 dollar raises...
That is the funniest chit I have ever read…

You think your going to get MORE money if Kerry was in office LMMFAO….


Originally posted by BHibbs
I thought Bush declared an end to the "military" operations a long time ago on that Carrier. Are we still at war with Iraq???
That’s what happens when you watch the slanted Clinton News Network. NO, President Bush did NOT declare an end to the military operations, he declared an end to the MAJOR kick *** we were doing and clearly stated:

WE WILL BE IN THIS WAR ON TERROR FOR MANY YEARS TO COME IT WILL NOT BE A SHORT WAR!

Can you hear me now?
 
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