Are Bush's tax break's working like he said?

Question

I remember people giving Bush a hard time for his tax breaks, saying that he's giving money to the rich blah blah. But Bush said he is giving tax breaks to companies so they will hire more people. Seems to be working.

I'm not all for Bush or anything, but something good is coming from him. lol

Do you think the tax breaks were a good idea?

http://money.cnn.com/2007/04/06/news/economy/jobs_march1/index.htm?postversion=2007040612

okay so some of you are saying that more jobs isn't good? You're missing my whole point! yes the breaks went to the "rich" as some of you say, but the rich have hired more people because of the breaks!

Answer 1

President Bush’s tax relief plan reflects this basic trust in the American people and confidence in the American ideal by increasing tax fairness and enhancing the performance of the economy. It includes:


Replacing the current tax rates of 15, 28, 31, 36, and 39.6 percent with a simplified rate structure of 10, 15, 25, and 33 percent (see Appendix for rate schedule);

Doubling the child tax credit to $1,000 per child and applying the credit to the Alternative Minimum Tax (AMT);

Reducing the marriage penalty by reinstating the 10 percent deduction for two-earner couples;

Eliminating the death tax;

Expanding the charitable deduction to non-itemizers; and
Making the Research and Experimentation (R&D) tax credit permanent.


The tax rate restructure did help all income levels. The reduction of the estate tax is a good thing, especially fo thos eof us who want to become millionaires. Keeping mreo money in the peoples pockets is a good thing. It allows us to invest and ensure our own financial future as well as encourage business growth. The top 10% of wage earners still pay 70% of the tax revenue

Answer 2

The point is though that these tax breaks will hurt us in a long-term scale, like the national debt which Bush keeps increasing largely due to his Iraq War, yet he's giving rich people and companies a break?!?! At a time when we need more tax money now than ever to pay off the war(national) debt!!! In case you didn't notice, I said "his" war because this war is no longer supported by the majority of American people nor will it ever be again. I can't believe that quote saying "history always repeats itself" is really true in American history over its war mistakes. First Vietnam and now Iraq!! Let's just hope we don't make that same mistake a third time with Iran.

Answer 3

Yes, I'm all for limiting how much the gov takes out of our pockets as they end up wasting much of it on silly crap anyway.

The tax cuts helped everybody though-- maybe not exactly equally, but everybody got a cut. There are several studies on this. And several cuts only affect those in lower and middle income (e.g. child tax credit). Many tax breaks phase out after certain income levels (e.g. deductions, child tax credit, mortgage interest, IRA deduction etc.). I'm really tired of this -- rich get all the breaks crap. It's not entirely true.

The tax cuts were only ONE part of the economy turning around. One other included massive rate cuts which spured investment. The housing boom also allowed tons of money to get injected into the economy -- part of that is bad as people borrowed irresponsibly.

net- the tax cuts were a good idea. The bad idea is that congress (Republican controlled one at that) continued to spend and even increased spending in many areas. That national debt is a train-wreck waiting to happen.

Answer 4

True, in these, the last days, it's certain people who are a mess. On the other hand, the buck stops at the President's desk and he is the one allowing all the bad things to happen. See: 2 Timothy 3:1

Answer 5

I think you are correct. GW's tax breaks have been working for 6 plus years. Now, we have a democratic majority congress feverishly working on a tax RAISE :::::::::::::::::::::::::::::::::::::::::::: An article by Newt Gingrich::::::::::::::::: Largest Tax Increase in History
Americans take tax increases personally -- and so do I. Liberal tax-and-spend policies helped motivate Americans to elect a new center-right House majority for the first time in 40 years.
But guess what? Liberals are at it again.
Just three months into their majority, Democrats are once again proposing the biggest tax increase in history.
This month, the House of Representatives will debate the Democrats' 2008 proposed budget. If it is passed, this budget will impose the largest tax increase in history on American taxpayers -- totaling nearly $400 billion over five years. Families with children, low-income families, and small businesses all would be hit with hundreds if not thousands of dollars in increased taxes.
Just what taxes will be raised? Here are some of the specifics of the liberal proposal:
The 10% Tax Bracket Will Become 15%: More than five million families and individuals who previously owed no taxes will become subject to taxation.
Marriage Penalty Relief Will Be Eliminated: 23 million Americans will owe an average of $466 in additional taxes in 2011.
The Child Tax Credit Will Be Cut in Half: 31 million Americans will pay an average of $859 more in taxes in 2011.
The Liberal Tax Increase: How Much More Will You Pay?
But enough cold, impersonal statistical analysis. How much more in taxes will you and your family pay if this massive liberal tax increase is passed?
The Republicans on the Senate Budget Committee crunched the numbers and came up with some results that should frighten all of us, regardless of whether we're Democrats, Republicans or Independents.
You Know You're Going to Pay More Under the Liberal Tax Increase When ...
... You're a family of four earning $60,000 a year: Your income-tax bill will rise 61% in 2011, from $3,030 to $4,893.
... You're an elderly couple earning $40,000 a year: Your taxes will go up by 156% in 2011, from $583 to $1,489.
... You're a woman: You could be one of the 83 million American women who could see their taxes rise by an average of $2,068.
... You're married: You could be one of the 48 million married couples who will pay an average of $2,899 more under the liberal tax increase.
... You have kids: 42 million families with children will pay an average of $2,181 more in taxes.
... You're a small-business owner: 26 million small-business owners will get a tax bill for an average of $3,960 more than before.
Which one are you?

Answer 6

No, his tax breaks aren't working unless you are rich. Plus, due to the massive deficit he's created our country is dangerously close to a cataclysmal financial meltdown that will make the Great Depression of the 1930s look like a walk in the park.

(and he calls himself a conservative - HA! what an insult to real conservatives!)

And the liberals have NOT raised taxes again so whoever wrote that is a misinformed BOOB.

Answer 7

Unquestionably. Federal tax receipts in the subsequent five years INCREASED by more than $1,000,000,000,000 over what they would have been without the cuts. Furthermore, business is good and the unemployment rate is at historic lows. What's not to like?

Answer 8

4.4% unemployment...soaring economy...i'd say so...of course the defeatcrats would say...but these jobs aren't corporate jobs....a job is a job...a job is dignity...but defeatocrats would rather folks jobless and living off the government "tit"..so as to create huge social programs so as to garner the vote....

Answer 9

Tax breaks??? Where, I missed them when I filed.
Oh yeah, I'm not rich!

Answer 10

i'm a stay at home dad. i KNOW i get a bigger return now than i did 9 years ago. and we make less. not alot less, but the adjusted gross is lots less than it used to be.



define rich?