REPUBLICANS, an argument that your party makes is this: "Bush cut taxes and the economy is now stronger."

Question

This is what people say who are truly ignorant of tax law, which is sad to say, most people.

FACT: In 2001, I got my refund and many other people received a refund check as well.

FACT: Bush did lower the tax rates, but it is not that simple. If you really take a look and understand what happened, there were many changes in the tax law that were really aimed at the rich. It was a tax cut disguised to target the very wealthy. Not too many people would know that and most would look on the surface and say "The Republicans lowered the tax rates." Its really clever how they do it, but they did it.

The most obvious one (there are many) is his lowering of the capital gains and dividends tax rates. Who is this really going to impact? A family of making $30,000, very little.

It will benefit people who are generating very large amounts of dividends and capital gains.

I only know this because I am an accountant in the industry. Ask a CPA, they'll explain it.

Answer 1

When Bush and boys took over we had nearly a Trillion dollar surplus! After 6 years we have a nearly 3 Trillion dollar deficit! Yes they've created a lot of jobs but most are in the minimum wage category! All the while the $20-$40 jobs have all but gone bye-bye. They are GOOD for the economy? Duuuhhh. ;-)=

Answer 2

>The most obvious one (there are many) is his lowering of the capital gains and dividends tax rates. Who is this really going to impact? A family of making $30,000, very little.<

Being a little disingenuous aren't you? a family that makes $30,000 a year doesn't pay much in taxes. They get most, if not all back in a refund. So yes, it won't affect them. But it does affect me when I sell a house or sell stocks that have gained value. I get hit twice, both in the form of capitol gains AND again at income tax time.


It will benefit people who are generating very large amounts of dividends and capital gains.

And this is a bad thing how?

The onbly problem I have with the Bush administration and Republicans at this point is with the Immigration issue and the "Can't we get along?" spending they did to try and please the Dems.

Answer 3

the present stimulus kit is fairly like a tax decrease. yet as a replace of a rebate that's incredibly asserting "right here take your money returned we are finished using it for now" we bypass the area the place the government takes it and as a replace depart it interior the palms on the guy to commence with. i think of their situation lies extra with the actuality that the media is making a mountain out of a mole hill and the congress offered into it. I understand the housing marketplace is down and gasoline expenses are up yet thinking the activities worldwide extensive that have taken place over the final 8 years we've an quite solid base of an financial equipment.

Answer 4

FACT: In 2003 and 2004, I saw very real personal income tax cuts and I was making about $45k at the time.

FACT: The rich pay most of the federal income taxes. Check out the IRS link below. The wealthiest 10% paid 68% of the income taxes.

Doesn't it stand to reason that when cutting everyone's taxes, those who pay the most will get the most back?

It is correct to lower taxes on dividends, simply because dividends are double taxed. First they are taxed at the corporate level as profits, and then again when distributed to the shareholders on their personal income tax. This has been an ongoing problem, much like the AMT capturing millions of taxpayers when it was originally designed to capture hundreds or thousands.

A reduction in Capital gains taxes results in more investment in the economy. Last I checked, that's a good thing. It's that economy that provides jobs for people. If the Dems get in and raise those capital gains taxes back up, that would decrease investment in the economy and increase unemployment. You support that?

You are right. A family earning $30k won't see much benefit, because they aren't paying much in taxes.

Answer 5

On August 3, The Bureau Of Labor Statistics Released New Jobs Figures – 92,000 Jobs Created In July. Since August 2003, more than 8.3 million jobs have been created, with more than 1.8 million jobs created over the twelve months ending in July. Our economy has now added jobs for 47 straight months, and the unemployment rate remains low at 4.6 percent.

Since The President's Tax Relief Was Implemented, Record Levels Of Tax Revenue Have Helped Us Toward Our Goal Of Balancing The Budget By 2012. Receipts have increased nearly 37 percent in the last three years, and the deficit is on track to decline by $205 billion in the same time period. The President's FY 2008 Budget lays out a plan to continue this deficit reduction while keeping taxes low, leading to a surplus in 2012 of $33 billion.

Answer 6

good one.

now ask the republicans why it is assumed that the govt will intervene when hedge funds take risks and lose but why bush has stated that he will not help home owners caught up in a different part of the same exact same issue.

republicans have no ground, moral or logical to stand on any longer.

the other fact is that if middle class americans get more money they will buy the things they need in their lives - thereby putting the money back into the economy.

when rich folks get a tax break, they get more investments and don't put anymore actual money into the economy.

Answer 7

Penelope, I don't ever agree with you but at least you are not a radical. You are always pretty nice. I ask you, if that many jobs were created and the unemployment rate hasn't changed, doesn't that mean the same number of jobs were also lost?

Answer 8

What you say is partially correct, but you leave out the fact that the top 10% of wage earners in this country contribute more that 50% of the tax revenue.

A flat tax would even the playing field.

Answer 9

The spending that the unnecessary Iraq war has caused will raise taxes that our great grand children will be paying, so enough of that Bush lowered taxes malarkey!

Answer 10

It was designed to increase investment, which it has. That benefits everyone who has a job and a pension (in the market).

AND...government revenues are at an all time high. Your point is what?