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Forum Post: Bush tax cuts spurred largest revenue gain in history!!!!!

Posted 2 years ago on April 12, 2012, 5:43 p.m. EST by aflockofdoofi5 (-8)
This content is user submitted and not an official statement

However, a Washington Times article counters "the real jolt for tax-cutting opponents was that the 03 Bush tax cuts also generated a massive increase in federal tax receipts. From 2004 to 2007, federal tax revenues increased by $785 billion, the largest four-year increase in American history. According to the Treasury Department, individual and corporate income tax receipts were up 40 percent in the three years following the Bush tax cuts. And (bonus) the rich paid an even higher percentage of the total tax burden than they had at any time in at least the previous 40 years. This was news to the New York Times, whose astonished editorial board could only describe the gains as a “surprise windfall.”" [26]

Trickle down proved conclusively. I LOVE STATS AND TRUTH!!!

13 Comments

13 Comments


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[-] 2 points by factsrfun (5907) from Phoenix, AZ 2 years ago

So that must mean we paid the debt off in five years, no wait that's when everything went to hell.

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[-] 1 points by nobnot (529) from Kapaa, HI 2 years ago

Figures lie and lyers figure.

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[-] 1 points by gnomunny (6885) from St Louis, MO 2 years ago

Trickle-down proven absolutely. In fact, it trickled all the way down to the Defense Department, tax refund for GE, bailout for Goldman and BofA. Strangely though, the trickle seemed to stop after that.

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[-] 1 points by factsrfun (5907) from Phoenix, AZ 2 years ago

Hey don't get me wrong if we could just raise taxes on the people who voted for Bush and his Iraq War he lied us into, well I'd say fine, but you know how it is, a Republican got elected now we all got to pay for it.

[-] 0 points by hchc (3297) from Tampa, FL 2 years ago

Really? You really think a 2% difference, that no one pays, matters in the grand scheme of things?

With all the taxes out there, the federal income tax going up or down by 2%, with all these loopholes, doesnt matter.

Wake up.

[-] 0 points by JIFFYSQUID92 (-994) from Portland, OR 2 years ago

The Bull Shit is flying! We must be scaring the Righties!

Raygun Supply-Side Economics and credit spree turned America from a creditor to a debtor nation. Bush tax-cuts, Laissez Faire negligence, and off-book spending crashed our economy.

The GOP has been at this twisted, with GREED, tax-free agenda for a long long time, and it always leads to DISASTER! Great Republicon Depression to our current Great Republicon Recession!

http://gocl.me/o11tVH, here's FDR on taxes.

http://www.youtube.com/watch?v=cgbJ-Fs1ikA, here's Raygun.

Wealth Defense Industry: The Real Reason America's Oligarchs Can Squeeze the Rest of Us How the richest of the rich stay on top. April 9, 2012 |

In 2005, Citigroup offered its high net-worth clients in the United States a concise statement of the threats they and their money faced.

The report told them they were the leaders of a “plutonomy,” an economy driven by the spending of its ultra-rich citizens. “At the heart of plutonomy is income inequality,” which is made possible by “capitalist-friendly governments and tax regimes.”

The danger, according to Citigroup’s analysts, is that “personal taxation rates could rise – dividends, capital gains, and inheritance taxes would hurt the plutonomy.”

But the ultra-rich already knew that. In fact, even as America’s income distribution has skewed to favor the upper classes, the very richest have successfully managed to reduce their overall tax burden. Look no further than Republican presidential contender Mitt Romney, who in 2010 paid 13.9 percent of his $21.6 million income in taxes that year, the same tax rate as an individual who earned a mere $8,500 to $34,500.

How is that possible? How can a country make so much progress toward equality on other fronts – race, gender, sexual orientation and disability – but run the opposite way in its policy on taxing the rich?

In 2004, the American Political Science Association (APSA) tried to answer that very question. The explanation they came up with viewed the problem as a classic case of democratic participation: While the poor have overwhelming numbers, the wealthy have higher rates of political participation, more advanced skills and greater access to resources and information. In short, APSA said, the wealthy use their social capital to offset their minority status at the ballot box.

But this explanation has one major flaw. Regardless of the Occupy movement’s rhetoric, most of the growth in the wealth gap has actually gone to a tiny sliver of the 1% – one-tenth of it, or even one-one-hundredth.

Even more shockingly, that 1 percent of the 1% has shifted its tax burden not to the middle class or poor, but to rich households in the 85th to 99th percentile range. In 2007, the effective income tax rate for the richest 400 Americans was below 17 percent, while the “mass affluent” 1% paid nearly 24 percent. Disparities in Social Security taxes were even greater, with the merely rich paying 12.4 percent of their income, while the super-rich paid only one-one-thousandth of a percent.

It’s one thing for the poor to lose the democratic participation game, but APSA has no explanation for why the majority of the upper class – which has no shortage of government-influencing social capital – should fall so far behind the very top earners. (Of course, relative to middle- and lower-class earners, they’ve done just fine.)

For a better explanation, we need to look more closely at the relationship between wealth and political power. I propose an updated theory of “oligarchy,” the same lens developed by Plato and Aristotle when they studied the same problem in their own times.

A quick review

First, let’s review what we think we know about power in America.

We begin with a theory of “democratic pluralism,” which posits that democracy is basically a tug-of-war with different interest groups trying to pull government policy toward an outcome. In this framework, the rich are just one group among many competing “special interests.”

Of course, it’s hard not to notice that some groups can tug better than others. So in the 1950s, social scientists, like C. Wright Mills, author of The Power Elite, developed another theory of “elites” – those who wield more pull thanks to factors like education, social networks and ethnicity. In this view, wealth is just one of many factors that might help someone become the leader of a major business or gain a government position, thereby joining the elite.

CONTINUED: http://www.alternet.org/news/154930/wealth_defense_industry%3A_the_real_reason_america%27s_oligarchs_can_squeeze_the_rest_of_us/

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[-] -1 points by Dell (-168) 2 years ago

yup - but these losers refuse to believe that no matter what you show them or tell them. they want to punish the rich - it's not about revenue.

[-] 1 points by shoozTroll (17632) 2 years ago

This graph is a bit more telling than an op ed.

http://www.econdataus.com/taxcuts.html

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[-] -1 points by Dell (-168) 2 years ago

yea - give more money to the govt. let them spend it for you on the things they want like rewarding loyal voters & lobbyists. Give them more. You dont need it.

[-] 1 points by shoozTroll (17632) 2 years ago

Teabaggers raised my taxes anyway. For just that reason.

The graph, however tells a different story than the op ed.

[-] -1 points by Dell (-168) 2 years ago

yea like I said give them more money & power. They can spend it more wisely than you anyway.

[-] -1 points by aflockofdoofi5 (-8) 2 years ago

So budget deficits clearly a result of Spending, "its the spending stupid" tp paraphrase Clinton and THAT is certainly a place where Bush can be criticized. Tax cuts, nope, with concrete armor plated truth.

If he just controlled spending he might be one of the best president of all time.

[-] 2 points by factsrfun (5907) from Phoenix, AZ 2 years ago

And yet there is that pesky tax increase that balanced the budget and had us on track to pay the whole thing off till the GOP got a hold of it then as usual the deflect skyrocketed, but of course if they don't have solutions the thing the GOP always has is lots of excuses, I'm sure you can explain it all to me.

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