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Tax Cuts for the Rich! May 18, 2006

Posted by jojoe in Politico.
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I don't understand how more Americans aren't outraged by this tax cut. The tax cuts overwhelminingly benefit the richest Americans and we just happen to be running an annual budget deficit betweem $400B – $600B. I can remember a time when Republicans were more fiscally conservative, when George Bush Sr. called Reagan's supply side cut's "voodoo economics".  When will Americans realize that Republicans really aren't better at running the economy?  

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1. Chris - May 18, 2006

I don’t think the tax cut is the worst thing in the world by itself. I don’t know if there are any studies to back up that it could improve long-term growth for large US companies which drive the US economy for the most part. I can see both sides of this argument.

However, I think it’s silly to label it as a tax cut that helps everyone equally. Yes, everything Bush said in the article is true, but it will obviously help the wealthy more.

What really gets me angry is the wasted spending – that’s where the biggest problem is. How many times have you heard of this program or that getting $X billion funded by the US government?

2. jojoe - May 18, 2006

Well, I think the tax cut for the wealthy is terrible when you consider the size of the budget deficit. The economy did just fine under Clinton's reign, when taxes were far more progressive than they are today. The income gap in this country has widened considerably over the past decade, and the tax system doesn't offset this problem, but adds to it. Why is income disparity a problem? Take a look at Venezuela.

Corporations don't pay taxes in the U.S.  They get their lobbyists to write in tax breaks and create holding companies in the Caymans. 

I think wasteful spending would be curtailed if they would stop the practice of earmarking AND began to publicly finance campaigns so that politicians would stop allowing industry lobbyists to write legislation with special tax breaks.

3. pete - May 19, 2006

The worst thing about the budget deficiet is what is NOT in the budget. Bush has figured out to make “supplemental requests” for huge amounts of money not in the budget, thus understating the true deficiet. Bush’s wars money is not in the budget, and I believe that Katrina reconstruction is also a “suppmental request”.

If corporate america kept books the way Bush does, they would face criminal prosecution.

4. Petie - May 20, 2006

I think it’s ironic that during our childhood years Schoolhouse Rock devoted a song to the growing government deficit. Equating it to tyrannosauras rex… The debt was given much more attention in the 70s then it is now. What would they equate it to now?


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