Dem News Flash: Bush Cut Everyone’s Taxes
Some Democrats have made a fascinating discovery: It turns out President George W. Bush (R-TX) cut taxes for everyone — and not just “the wealthiest Americans”.
Those tax cuts passed in the economic downturn following the 9/11 terror attacks are set to expire. And, three Senate Democrats don’t want the tax cuts to expire. However, Senator Harry Reid (D-NV) and Representative Nancy Pelosi (D-CA) don’t agree. Neither does President Barack Obama (D-IL).
The Bush Tax Cuts, much derided by the Obama administration and the press, lowered tax rates on all federal income tax payers. For example, the lowest bracket of 15% was lowered to 10%. If Congress doesn’t re-authorize the tax cuts the rate will revert to 15% — a 50% increase. These are families making under $35,000 per year, the “hard-working Americans” the Dems are always claiming to protect.
The Bush Tax Cuts eliminated the marriage penalty, cut the tax rate on small business owners who pay much of their federal burden in the form of income taxes, and increased the child tax deduction. The capital gains tax cut on investment profits helped millions of retirees. All helped families and seniors — not fat cats. Each of these improvements in the tax code will expire at year-end.
The Bush Tax Cuts were a true stimulus to the post-9/11 economy. Most liberals are pretty bad at math in that they view the economy as a “zero sum” game. To them everything is a transfer of dollars from one hand to another. In other words, they totally discount economic growth. And this is despite many decades of data which indicate that capitalism doesn’t transfer dollars — it multiplies them.
From the day Bush proposed the tax cuts, Liberals predicted doom and gloom for the American economy. Instead, with more money in their pockets working Americans bought more goods — and their employers invested in order to make those goods — thereby growing the economy. In fact, federal tax revenues DOUBLED in the four years after the Bush Tax Cuts took effect!
On September 12, 2008, then presidential candidate Barack Obama said:
I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax. Not your payroll tax. Not your capital gains taxes. Not any of your taxes.
The payroll tax increases for ObamaCare start in January 2011. If the Bush Tax Cuts are permitted to expire, this tax hike double whammy will become painfully obvious to all those who still have jobs and pensions in April 2011.
So that promise is on its way to the trash bin of American political history. It may prove to be Obama’s “Read My Lips” moment.
© 2010 by kens*ten. All rights reserved.
Obama: “No Tax Increase” Pledge