Monday, September 27, 2010

Bush Tax Cuts Cost Americans $21,000 Between 2000-2008

The Bush Tax Cuts are the center of many discussions on Capital Hill. They've garnered a lot more attention than have other measures such as the unemployment extension. Supporters of the Bush Tax Cuts, mainly the GOP, say that they are necessary to promote economic growth. Critics say that it is the very cuts which cost the government billions of dollars, and ultimately lead to the demise of the country's economy.

According to, the Bush Tax Cuts may have cost the average American citizen $21,000 between 2000 to 2008. Of course when you use the "average" it takes into consideration the ultra rich along with the poorest of citizens all together. Using the median data may have yeilded a bit more accurate analysis, but without the data they used it would be impossible to draw a conclusion on my own.

The cost of the tax cuts is attributed to the loss of income, as from 2000 to 2008 incomes actually fell. Prosperity through the Bush Tax Cuts were promised, yet not delivered.

Still yet, a lot happened from 2000 to 2008. The 9/11 attacks and the collapse of the housing industry and financial markets really wreaked havoc on a lot of Americans' income. You can read the full analysis at here.

Should the Bush Tax Cuts be extended? Or is our economy to the point where we need to actually pay higher taxes in order to ensure we meet our obligations? It's a hard question to answer. What are your views?

1 comment:

  1. All we need is the support of 5 (1 in a perfect situation) democratic senators to guarantee the passage of 3706 before the election.

    If 3 to 5 democratic senators would refuse to vote for either the continuing resolution or the war funding bill unless the unemployment extension is attached or passed as a stand alone bill the senate would be forced to extend unemployment benefits.

    If the continuing resolution is not passed by September 30th the government will be shut down October 1, the Democrats will not let that happen right before an election. The republicans would love to see the government shut down by the majority right before the election which means most republicans will not vote for the continuing resolution. Three democrats refusing to vote for the continuing resolution unless a tier 5 is attached would force the government to shut down if a tier 5 is not passed.

    Can we not find 3 democrats willing to help us? We only need 3 or at most 5 democrats to pass a tier 5.

    If we can not find 1 democratic senator willing to help us we need to fire all of them along with the republicans


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