Comments on: The Story Behind the Bush Era Tax Cuts
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- Amazing - the Bush-ear tax cuts were put in place with a SUNSET Clause by a REPUBLICAN President, a REPUBLICAN House and a REPUBLICAN Senate. The reason for the Sunset Clause was b/c there was a SURPLUS when Bush took the presidency. Those REPUBLICANS knew it couldn't last forever b/c it WASN'T PAID FOR, that's why the Sunset Clause.
Keep in mind - these tax cuts have BEEN IN PLACE FOR NINE YEARS--- the richest 2% have gotten tons of cash back and more - that's part of how we moved from a SURPLUS in 2001 to the DEFICIT we have now.
Now these jokers keep saying how these tax cuts should be made permanent and add BILLIONS to the DEFICIT. I thought these were the same people who keep saying we can't ADD another penny to the deficit - unless it's for their buddies in the top 2% of earners. Keep in mind HEDGE FUND MANAGERS with $30M SECOND homes and gigantic companies like Bectel fall under their definition of "small business", which they throw around like every Mom & Pop business is going to get slammed by this. I own a small business, these tax cuts will not affect me or other people with small business's who don't PERSONALLY make more than $250K/yr. For anyone who thinks the richest 2% of Americans actually need more money - I have a bridge I'd like to sell you. - Reply to this comment
- What we desperately need is a serious cut to the federal government, not an increase of revenue sucked out of taxpayers. We are in a recession, and any increase in taxation will serious make the job market far worse than it is. We need to retain taxes as they are, and begin to take a look at bogus and worthless government programs to cut.
Before we slam seniors with less SS or Medicare, or weaken the military - we need to cut all the useless programs like studying the viscosity of ketchup (for real)and studying how cow farts will cause the world to come to an end through global warming (for real). There is a mountain of federal crap programs that need to be trashed.
We need to immediately repeal the stupid health care bill, for which the May 2010 CBO figures indicate will cost the nation $1 trillion in new spending over the nest 10 years. This does not even count the $billions that this horrible bill levies on states to add more to the Medicaid roles. We don't have the money, and the economy can not afford to have more money redirected out of the private sector and into Washington. Next we need to go back to the 2008 budget, and cut the federal government by 5% each following year until we reach a balanced budget. WE ARE $13.3 TRILLION IN DEBT, AND IT IS OBVIOUS TO THE BIGGEST FOOL THAT WE CAN NOT AFFORD THE CURRENT FEDERAL PROGRAMS THAT WE HAVE. Yet, the irresponsible crew we have had in Washington over the past 2 years have added new federal program after program. This has to stop. - Reply to this comment
- I don't mind paying for what we need, Mr President, I vote to raise my taxes a little : ) .. Wayne, Addison Texas
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- "The end result was bipartisan, but Democratic support came with one condition - that they expire in 10 years."
Really? That's how Reconciliation is described when done by Republicans? - Reply to this comment
- "And at the time the budget was in surplus, so the tax cut didn't seem like such a bad idea."
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Of course this statement is untrue as everyone of the so called conservatives on this board will tell you since they have all argued against the notion that Clinton ran and left a surplus. I tend to agree that there wasn't any surplus, just an unspent overpayment of SS revenue. There should never have been a taxcut given on the basis of thats what they were giving away, and there certainly shouldn't be an extension of those taxcuts for anyone. - Reply to this comment
- "The end result was bipartisan, but Democratic support came with one condition - that they expire in 10 years."
This is flat out wrong. Shame on you for such sloppy reporting. The ten year expiration rule was a cynical attempt to manuever around the Congressional Budget Act which blocks legislation if it increases the federal deficit beyond a ten-year term. It has nothing to do with democrats or anyone else adding a special expiration date caveat. Everyone knew EGTRRA was unpaid for and deficit busting the day it was signed but only by including the sunset provision they could get it passed.
Milton Friedman once said 'To spend is to tax.' This was always tax hike bill. I don't know why we're surprised now that the bill has become due. - Reply to this comment
- This article shows some real thought by CBS. You need to do more of this truthful reporting on issues that affect the real people in this economy who will spend money to get this economy back on track. You could have been more explicit about who drove this economy to the deficit we are all facing. Do a report on the pay CEO's receive, also how much richer the 1% rich have become as a result of the Bush Tax cuts.
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- Some main problems are too much spending and too many promises. The successful already pay more. Just cause you can tax the citizens, doen't mean you should. With Fed and State taxes hovering near 50% combined, that's a barrier that should not be broken. I don't care if you're Shaq, no one should hjave to give half of what they earn to the government.
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- Balance the budget - we have to pay the bills. Having said that start scrubbing the government expenditures and roll back the spending.
* Close overseas bases, reduce the exposure to hostile forces and you reduce the costs of defending that exposure.
* Increasing taxes from individual taxpayers to pay for expansion of government benefits programs is wealth redistribution, tie benefits programs to corporate tax payments like Social Security is tied to inflation.
* 10 year term limits on the Senate and Congress.
* End all foreign military aid, it hasn't made the earth any more secure and projects the wrong image of the United States as an arms dealer. Promote economic development in order to increase regional security instead. - Reply to this comment
- I think CBS should at least show Government income as a result of the taxes in a graph over the years discussed here. It will show that the Bush tax cuts created $700B/y additional income from 2003 (after the 9/11, dotcom recession) to the peak in 2007/8. The government is getting enough money - spending just grew too fast under both Bush and Obama.
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