Who here needs a tax cut?

United States
July 11, 2009 7:18am CST
Ever since Barack Obama was sworn in, republicans have been calling for more tax cuts. Even though Barack has already done that, republicans want more. Yet, for the last eight years we had a president those entire economic policy was less taxes, and I think we all see where that got us. If less taxes got us were we are at right now, then why should we continue to do this? Does anyone on here think that the economy is good?
1 person likes this
5 responses
@xfahctor (14107)
• Lancaster, New Hampshire
11 Jul 09
First of all, tax cuts had little to do with where we are now, it was a tiny part of a very large and very complex whole. Yes, Obama did impliment some tax cuts, however, a number of bills in the works will create more taxes in their place, and adjust other taxes, so any marginal effect his may have had will not even be noticed eventualy. Taxes are D.C.'s staple diet. If we want to reign them in, we must control their diet.
1 person likes this
@xfahctor (14107)
• Lancaster, New Hampshire
11 Jul 09
Ok, so your pay check went up, but what you spend will go up soon enough so the difference will be washed away. It may not come out of your pay check directly but it will come out of your pocket in one form or another, count on it. I do not, as you put it, feel "if we cut taxes, the economy will grow like a weed". That is a pretty generic and far too over simplified statement to begin with. There is so much more to it. But you created a post about tax cuts so that is the aspect I am commenting on. I want to elaborate on something however.... ""Taxes are D.C.'s staple diet. If we want to reign them in, we must control their diet."" This wasn't a statement about economic improvement....it was a statement about out of controll government. It was a statement about economic enslavement. Our states turn over trillions of dollars in taxes to the federal government and they turn around as "generously" give some of it back in some form or other, with strings, conditions and threats.....essentially blackmailing and bribing us with our own money
2 people like this
@bestboy19 (5482)
• United States
11 Jul 09
This is an interesting article. http://www.heritage.org/research/taxes/wm327.cfm It wasn't the tax cuts that got us where we are today, it was the housing marked, and Bush warned the congress about the problem. The democrats in congress chose to do nothing about it. http://www.liveleak.com/view?i=f5b_1235081076 In answer to your last question, no our economy is not good.
• United States
11 Jul 09
Best, Bushy made this statement in December of 2005. I repeat 2005, we all remember this because John McCain used this numberous times during the election. How many times did Geroge W. Bush mention this to the American in a State of the Union (where he should have), a news conference, or anything that would bring to light how bad this could be? NONE, not once besides his 2005 statement did he ever tell the country what was going to happen. There were alot of problems that came from the last 8 years, the housing market collapse, the high price of oil, the stupidity of corporate America. But, the last time this happened we tried "trickle down" economics we had simular problems. Anyone remember the savings and loan crisis in the late 80's? During that time we the Japenese buying up the entire country, and corporate raiders bought companies to liquidate them, and eliminate thousands of jobs. Sound familar?
1 person likes this
@bestboy19 (5482)
• United States
12 Jul 09
http://www.sprintusers.com/forum/showthread.php?t=190128 "How many times did Bush mention to the American people...?" I don't know if he ever did. I don't usually listen to State of the Union addresses, but I wouldn't be surprised if a good share of the people (as long as everything seemed fine) would have ignored him if he had said something about it. What did the people do in 2005 when he said something to them about it? Bush did warn Congress and before 2005. He first warned them in 2001. What did they do about it? Are you blaming Reagan for the Savings and Loan Crisis? That stated in the 1930's. This might be of interest to you. http://www.cato.org/pub_display.php?pub_id=1120 Did you read the first link I posted? It seems to me lowering taxes usually does better than raising them.
• United States
12 Jul 09
Best, Bush made his comment infront of Congress in 2005, but NEVER said it directly to the American people. NO ONE heard him say a thing about it because no one heard him, if a tree falls in a forest and no one is around to hear it, does it make a noise? You are correct that Bush talked about this in 2001, but he never put in any policy to put his money where his mouth was. This is the most powerful man in the world, and often he would like you to believe that he had no power to do anything (atleast that is what he wanted us to think). He warned the US in 2001, but what did he say when Alan Greenspan said that we need to come up with more creative ways for Americans to finance homes? NOT ONE WORD. If he saw this coming then why didn't he stop it? This is the same man that spent months selling this billionaire welfare bill (tax cuts for the rich), his war in Iraq, and his no child educated bill. So if he would have really pushed this then he would have been able to change this before it destoryed the economy. Best, you also have to remember that HE controlled the entire government for TWO years, so I don't buy that warning for one tenth of a second. How about you? The S & L Crisis didn't start in the 30's, it ended in the 80's with a lack of regulation, and greed. Funny isn't is how many Bush's were involved with that? But, none of them ever went to jail, I wonder if their dad had anything to do with it? I read that link from the Cato institue (a republican think tank), I can make any number look good, the problem is that when you look at all of the numbers it tells a different story. For instance productivity, Productivity is usually high during a recession because less people are working more hour to make up for all of the people that were let go. So, if you have high procutivity then you usually don't have much business, and your unemployment number is high (look at productivity numbers right now, this is a BS number that no one pays attention to). You also notice that Cato didn't mention the record debt that Reagan left the country, and the fact that Clinton had the longest expansion of growth in our nations history (I wonder why the republicans at Cato didn't mention that?). I also noticed that Cato forgot to mention that Reagan left office with the highest national debt in our history (for the time, Bush made sure that didn't last long), while Clinton left the country with a surplus. Those guys at Cato sure know how to use numbers don't they, I bet they will tell you that Bush's economy is the best the world has ever seen, and will ever see. Do you think our economy is great today? Obama didn't make this mess, this is George W. Bush's. I did read your post about taxes, and like I said above I can numbers say what ever I want them to say. But, facts are facts, and I have lived through two attempts at "trickle down" economics, and they both ended the same way. If you think that tax cuts are so great, then explain to me why it is that in the last 30 years twice we have dramaticly cut taxes, and both times they led to a growing economy, followed by a finacial crisis that eliminated all of that growth, and left the country with record debt. You can tell me all day that pile of dog sh!t over this is flowers, but if it smells like sh!t, looks like shi!t, then it is sh!t.
@Taskr36 (13874)
• United States
11 Jul 09
Well I certainly didn't notice any tax cuts. In fact, I got about the same amount of money back this year as I did last year despite my pay increasing by about 15K. The reason? Progressive taxation. I'm now paying more taxes as punishment for bettering myself. The government doesn't care that my additional income is spent compensating for the fact that my cost of living is higher than in 90% of the country. If there is any less tax money coming out of my paycheck it must be microscopic because I see the same percentage coming out as before only with me getting less back on my tax returns. When Bush's tax cuts started there was a clear check for $300 in addition to my usual tax return. Also, it was increases in spending including two wars that put us where we are. Tax cuts were not the problem.
• United States
12 Jul 09
Taskr, that is good that you are making more money, I am happy for you. So you didn't notice all of the tax money that you saved over last year? Around this time last year you were paying about $1.00 a gallon more for gas, and tax on this gas, so that is a tax cut (as Larry Kudlow), plus your tax bracket is paying less than last year (unless you are in the top tax bracket). I don't know why your cost of living is so high, but you can move to somplace where it would be less, but could you make the same amount of money there? LOL, you mean that $300 check that you had to pay for when you did your tax return? I remember that, I am surprised you don't remember paying that back. Taskr, so why didn't Bush recind the tax cuts when he sent us to war twice? If you have an aditional expense in your family do you continue to spend like normal? This is what Bush did, he never changed his economic policy. So either the tax cuts caused the problems, or Bush's stupidity did. Which one is it, Taskr?
@Taskr36 (13874)
• United States
13 Jul 09
Obviously I've noticed the difference in gas prices, but I don't blame or credit either president with that. For the first 8 months I lived here I was using public transportation anyway because it would have taken me one hour to drive 10 miles to work and I'd be paying the same for parking that I paid for a monthly metropass. There are various factors that lead to the cost of living here in Miami being high but I don't want to get too far off topic. I haven't studied it too thoroughly, but I would speculate it's the excessive property taxes that have led to foreclosures which have subsequently led to higher taxes to compensate which lead to more foreclosures and in Miami, there is not a big middle class. There are the rich and the poor and with this city having the 5th highest poverty rate in the nation and the 6th highest cost of living, it's clear that the system here is a failure. I moved here because I miscalculated my own cost of living. I considered that rent would be substantially more costly, but didn't realize that other things like groceries could cost so much. Even freaking Ramen Noodles cost more here ($0.55 PER PACK compared to $0.99 for a sixpack in Tampa), but I digress. One of the reasons I came here was for the money because even though it hasn't made me wealthy here, a high salary at this job becomes a bargaining chip for my next job elsewhere. I've recently applied for positions elsewhere and hope to be out of this city by October. "So either the tax cuts caused the problems, or Bush's stupidity did. Which one is it, Taskr?" Well let's remember that congress passes the spending bills. Bush only had the power to sign or veto them. You are right, when new expenses arise you need to compensate and both he and congress (democrats AND republicans) failed at this. I don't think they should have rescinded tax cuts, but they should have cut spending elsewhere. Instead they increased spending on various garbage projects and Bush failed to veto such crap. On managing the economy, he and congress clearly did a terrible job.
@andy77e (5171)
• United States
13 Jul 09
We had a president whose entire economic policy was less taxes? Really? Funny, I only remember one tax cut under Bush, and it was limited and quite small. That's what got us where we are? Really? I'd challenge you to prove that tax cuts caused the problems we are currently having. In fact, tax cuts helped to bring us out of the economic down turn in 2001. It was other economic policies that killed the economy in 2008. And as a matter of fact, yes I do think we should continue this. The economy is largely based on people being able to buy stuff. A tax cut will put more money in the private sector which will stimulate the economy. The ironic part is, we're the only nation seemingly too stupid to figure this out. Russia cut it's national tax rate to a *flat* 12% tax. Further, we currently have the highest capital gains tax of any modern nation, and unsurprisingly we are doing the worst of any modern nation. Yet somehow we have people here suggesting more taxes? Do we have to be so arrogant we don't learn from our mistakes?
• India
11 Jul 09
i don't think current economic policies are good. if we consider this on point view of obama/america.. then they are trying very hard to restore the balance in economy but thery are trying everything as experiment which is dangerous and if we consider in terms of India/ manmohan singh then if we very soon don't promote SSI and special R&D provision on Indian MNC's then we will be facing a big problem in future.