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Wed Dec 5, 2012, 01:27 PM

The Bush Era Tax Cuts Didn't Create The Wealth They Were Supposed To

The Bush Era Tax Cuts Didn't Create The Wealth They Were Supposed To
Mark Thoma, The Fiscal Times

...

We were promised that cutting taxes on the wealthy would result in much higher economic growth and broadly shared prosperity. For those who wondered how we would pay for such a large cut to the government’s revenue stream, the Republican prospectus had a remarkable claim. The tax cuts wouldn’t cost us anything. Growth would be so strong that the tax cuts would more than pay for themselves. Even those who admitted that the tax cuts might not be fully self-financing still made strong claims about faster economic growth offsetting much of the lost revenue from the tax cuts.

The reality, of course, has been quite different. There is little evidence that the Bush tax cuts, or any other tax cuts directed at the so-called job creators, have had a noticeable effect on economic growth. And the promise of broadly shared prosperity has not been realized.

....

The payoffs from tax cuts that were promised during the Bush years have not been realized, and the failed promises about growth and revenue have damaged the health, education, and retirement programs the working class depends upon in our increasingly globalized economy.

A true party of business would end our investment in the false promise of supply-side economics. However, a party with a goal of reducing the scale of programs such as Social Security and Medicare along with delivering tax cuts to wealthy political backers would use arguments about the economic effects of tax cuts to disguise its true intentions.

....

http://www.businessinsider.com/bush-era-tax-cuts-didnt-fix-economy-2012-12

http://www.thefiscaltimes.com/Columns/2012/12/04/Why-the-GOP-Wont-Admit-Supply-Side-Econ-Has-Failed.aspx#page1#ixzz2ECflzrln

6 replies, 1152 views

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Reply The Bush Era Tax Cuts Didn't Create The Wealth They Were Supposed To (Original post)
Qutzupalotl Dec 2012 OP
thelordofhell Dec 2012 #1
deutsey Dec 2012 #2
Qutzupalotl Dec 2012 #3
skrempi313 Dec 2012 #4
Qutzupalotl Dec 2012 #5
Zoeisright Dec 2012 #6

Response to Qutzupalotl (Original post)

Wed Dec 5, 2012, 01:40 PM

1. The Bush era tax cuts created the exact wealth it was supposed to

Concentrated the wealth to the 1% and screwed the country........just like it was meant to do

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Response to thelordofhell (Reply #1)

Wed Dec 5, 2012, 01:41 PM

2. +1

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Response to thelordofhell (Reply #1)

Wed Dec 5, 2012, 02:04 PM

3. Ha ha

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Response to Qutzupalotl (Original post)

Wed Dec 5, 2012, 03:40 PM

4. The Rich Take Care Of The Rich

 

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Response to Qutzupalotl (Original post)

Wed Dec 5, 2012, 06:44 PM

5. No longer a united front.

The cracks are beginning to show. People are looking for evidence of growth due to tax cuts and finding just the opposite.

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Response to Qutzupalotl (Original post)

Wed Dec 5, 2012, 08:20 PM

6. No duh.

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