Save Middle Class Tax Cuts (get rid of the others, & recover 2/3 of cost )

[papau]

David Broder (with an assist from the CPBP) favors keeping middle class tax cuts while getting rid of the rest. LINK http://www.washingtonpost.com/wp-dyn/articles/A20758-2004Apr17.html

Save the Tax Cuts for the Middle Class (get rid of the others, recover 2/3rds of tax cut)

By David S. Broder
Sunday, April 18, 2004; Page B07


<snip>..The Treasury Web site features...(By the last quarter of 2003, the tax relief signed by President Bush had): "Reduced the unemployment rate by nearly 1 percentage point below where it would have been otherwise....Increased the jobs available to Americans by as many as 2 million...And increased the real GDP by as much as 3 percent."

<snip>..Last week the Center on Budget and Policy Priorities, a liberal think tank whose expertise commands broad respect, issued what it called "a comprehensive assessment of the Bush administration's record on cutting taxes." The authors, Isaac Shapiro and Joel Friedman, make two main points: • The tax cuts have reduced federal revenue to the lowest percentage of the economy since 1950, causing more than half the staggering $477 billion budget deficit.• Most of the benefits have gone to the richest households. Middle-income taxpayers are saving an average of $647 this year, boosting their income by a bit more than 2 percent, while millionaires are saving $123,592 -- a bonus of more than 6 percent.

As for the stimulative benefits to the overall economy, the authors argue that these tax cuts have produced relatively little "bang for the buck."

"For three years," they say, "the administration has been claiming its tax cuts would boost employment. But for three years, actual job growth has fallen far short of administration expectations." By their calculation, the job growth since the passage of the latest Bush tax cut in 2003 has been less than one-third that promised by the White House. <snip>

(the new, low 10 percent tax bracket, the expanded child tax credit and the relief from the "marriage penalty" .."account for just one-third of the costs of tax cuts over time." -but provide all but $100 of the tax cuts the typical middle-income family will receive this year). <snip>

[ImperialistLackey]

1. Bush Bankrupts USA just like Reagan did.

Massive tax cuts + massive Military spending = Demise of USA standard of living. Clinton got Congress to finally balance the budget causing the first surplus after Reagan drove us into the hole and now we are worse off than after Reagan. Our Grandkids future isn't worth a bucket of warm spit!

[papau]

2. That is what upsets me the most - the game for me has always been that my

grandkids would be better off -

And the GOP have no intention of having an expansion of the count - namely 13,000 families - that control 99% of American wealth.

As Trump - who inherited his money - says - that is just the way life is. Or as Bill Gates wealthy parents - using their United Way connections at IBM - did for their boy, getting him his monopoly.

In my youth my granddad would mention that in his youth his granddad would say the only way to get near a fair world was to kill the rich - and all would nod their head.

I really want to believe they were wrong and that my dad was right - one should not worry about getting ahead - just keep the rich from screwing up your life too much - cause "no problem" is all you can hope for - and is really all you need.