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The Right and Wrong Approach to Tax Policy

Jimsd55 Wrote: Aug 02, 2012 9:25 PM
During eight years of the Bush Administration -- with its tax cuts -- job growth was 1 percent, the lowest since 1945. If lower taxes spur job creation, what happened? Furthermore, in 2003, 450 of our nation's leading economists, including ten Nobel Prize laureates, signed and published a statement predicting increased income inequality, growing budget deficits and a decrease in the U.S. government's ability to fund essential services or promote economic growth if the tax cuts were enacted. Looks like they might have known what they were talking about.
Ned6 Wrote: Aug 03, 2012 10:25 AM
The Coolidge cut was from 73% to 25%, Kennedy from 91% to 70%, and Reagan 70% to 28%. The Bush cut was only from 39.6% to 35%, a far smaller percentage.
While it probably did stimulate some incremental growth, it was facing major headwinds. The high tech bubble bursting and low interest rates moved investment into housing and commodities rather than investment and job creation. Regulation and government spending didn't help either.

“I personally don’t believe we ought to be raising taxes”

“You don’t raise taxes in a recession, which is why we haven’t and why we’ve instead cut taxes. So I guess what I’d say is … you don’t raise taxes in a recession. ”

“The real risk to this economy is on the side of slow down…and that means we’ve got to make sure that we don’t take gasoline out of the tank at the end of this year.”

If you thought these quotes regarding the extension of the current tax rates were from a Republican, I wouldn’t blame you. But...