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The lasting damage of the Bush-era tax cuts

In case you missed it last week, the wonks at the Center on Budget and Policy Priorities had the latest math on which factors are principally responsible for U.S. debt and deficits. And while it comes as little surprise that the #1 cause remains George W. Bush’s  massive tax cuts, the starkness of it all is still impressive to behold. See that graphs below. 

Helluva’ job  Bushie!

 

 

 

 

 

 

 

 

 

3 Comments

  1. Frank Burns

    October 15, 2012 at 10:21 am

    Public over spending is the problem, we’re taxed to death already. There is no further justification for additional taxes while there is plenty of justification to cut taxes. Our corporate tax rate is too high when compared to competitors. We need to get the spending side of the ledger right corrected. Sorry Big Bird.

  2. david esmay

    October 15, 2012 at 10:40 am

    Our effective corporate tax rate is too low, make them actually pay taxes, then you might have an argument Frank, as such, you do not. Like all tea baggers and neo-cons you’ve been sucked into the Irving Krystol lie, that over taxation, while taxes are at historic lows, is the answer and when debt and deficits explode, drastically cutting spending is the only solution. The Bush tax cuts were intended as a temporary tax holiday, for some reason you mistakenly accept them to be a permanent fixture of economic policy in spite of the fact that they have had a retrogressive impact on our economy. We need a balanced approach that includes cuts to defense spending, subsidies to corporations and a return to Clinton era tax levels that would enable us to pay down the debt and reinvest in our infrastructure and education, areas that actually benefit society and provide jobs. Does anyone on the Right believe that those who are rewarded most by our system should pay back in accordance with hat they reaped? There is no economic data or evidence, historical or otherwise to support any claim made by those on the, what we do know is that the theories they propose do lead to increased debt and deficits. Period.

  3. Frances Jenkins

    October 15, 2012 at 9:03 pm

    Now, they are the Obama tax cuts for the rich.