Can someone explain to me, in layman terms, the Bush Tax Cuts of 2001 and 2003? Should we repeal the cuts?

Answer 1

If you want the government to take more of your money, so you will have a smaller paycheck; vote Democrat.
The only people who want to repeal Bush's tax cuts are people who don't work.
Repeal the tax cuts and watch the unemployment go up, the economy go down, and people getting laid off.

Answer 2

Absolutely not. The tax cuts turned around the economy. The country was headed for a recession when President Bush took office. Then the 9/11 attack occurred. Then other natural disasters occurred.
The economy in the US is the best in the world. It's the best it has ever been. The jobless rate is at an all time low, after WWII.
Anyone with any integrity (professional economist) will tell you the tax cuts worked. In the past two years, the booming economy has generated an additional $500 billion in tax revenues.
Lower tax rates = a growing economy = more tax dollars to the US treasury. It amazes me that people cannot grasp this.
I cannot imagine why anyone would want to raise tax rates.
If you are concerned about the deficit, work on Congress and the President to cut spending. If some firm controls are not put on wasteful spending, the tax rates or tax dollars won't make a difference, there will be a deficit if Congress spends more than the Treasury takes in, no matter the amount.

Answer 3

Tax cuts put more money in the hands of the people and businesses, who then naturally spend it, invest it, or save it.

Each of those actions helps to increase the economy. When the economy grows, more people get jobs and wages go up. When more people are working and wages are up, tax revenues go up.

The whole cycle takes about 2 - 3 years to work after the tax cut iis enacted.

What Immxxlbox...said is an out and out lie. The Bush tax cuts were for every taxpayer. Yes, the rich benefited more, because they pay the most taxes.

Would it shock you to learn that the top 5% of income earners pay 57% of the federal income taxes? The top 25% of income earners paid 85% of the federal income taxes? That's up from 80% in 1986. So not only do the rich pay the most taxes, their "share" has increased! The bottom 50%'s share went from 6.5% in 1986 to 3.3% in 2004. The poor and middle class are paying less in income taxes than ever before. See IRS data link below.

Answer 4

In layman's terms the top one per cent earning bracket received the vast majority of the cuts. Years ago this theory had a different name. It was called Reaganomics or the Trickle Down Theory. Didn't work then and it doesn't seem to be working now. Middle class income and lower income has not picked up as we were told it would. The gap between middle class income and the high income class is growing.

Yes. It needs to be repealed but any candidate stating they want to repeal the cuts is branded as being for higher taxes. Then the income classes that do not benefit from the cuts hear that and vote against that candidate. It's kind of like when the rich plantation class got the poor southern white farmer to go fight the Civil War for them.

Answer 5

Be happy to--Tax cuts were given to weathiest of Americans during a time of war. No other Administration in the history of American politics has issued a tax--nevermind two, in a time of war. They can afford to pay more taxes. They made their wealth on the backs of the Middle class that is making up those lost tax revenues without being properly represented. Our tax dollars are going to the war and our National Debt while the wealthy are getting tax breaks regardless of the profits they are making. The lack of tax revenues generated by taxing the wealthy causes an overall decline in government services, social services, and the depletion of those in the Middle class. It also makes it more difficult for the poor to reach the Middle class. These facts are just generalities that have well documented history. So you tell me......

Answer 6

I agree with the cuts. The less money you feed to a corrupt, wasteful and bloated government, especially corrupt polititians and their pork projects, more money is available for positive and legitimate economic activity.
Just remember the 200 million bridge to nowhere in Alaska,(how many college scholarships could that amount provide?), the billions of dollars washed away for Katrina damages. There has been spectacular economic activity, especially if you consider the impact of 9/11, Katrina and the corporate scandals. This would only be possible with the tax cuts.
The only people who want higher taxes are the ones who benefit from government projects.
Too obvious to me.

Answer 7

The Bush tax cuts were only for the top 1% of wage earners. In other words if you are filthy rich you don't have to contribute your fair share of taxes to society. The rest of us poor saps didn't get any tax cuts. It's as simple as that.

Of course this should be repealed. Make the greedy, filthy rich bas*ards pay their fair share!

Answer 8

We should repeal the George Bush presidency. As for the tax cuts, supply side economic's does not nor never has worked.

Answer 9

we should repeal income tax altogether .... did you know there is no law that states your income can be taxed? ... it is unconstitutional as is the irs and the federal reserve system ...the congress could take back the power to print money instead of letting a bank do it and loan them the money ... income taxes simply pay the interest on the national debt .... did you know that???? check out this video ... and look into "money masters" if your interested in knowing the truth.

http://video.google.com/videoplay?docid=-4035648463442185390&q=America+-+From+Freedom+to+Fascism&hl=en

Answer 10

lol... read smaks! he thinks just because somethingi isn't law means we can't do it. Darn it. No law says we can breathe air! were all unconstitutional!