Changes

Since the tax cuts, [[IRS]] revenues increased from $1.78 trillion in 2003 to $2.56 trillion in 2007 with a 46.3% increase of individual income tax receipts. Surging $785 billion since the 2003 investment tax cuts, it is the largest four-year revenue increase in U.S. history<ref>http://online.wsj.com/article/SB119189497675953035.html?mod=googlenews_wsj</ref>

Since the tax cuts, [[IRS]] revenues increased from $1.78 trillion in 2003 to $2.56 trillion in 2007 with a 46.3% increase of individual income tax receipts. Surging $785 billion since the 2003 investment tax cuts, it is the largest four-year revenue increase in U.S. history<ref>http://online.wsj.com/article/SB119189497675953035.html?mod=googlenews_wsj</ref>

During this same time period, government spending has also increased by more than 29 percent in inflation-adjusted dollars, representing an 11.4 percent increase in federal spending as a percentage of [[Gross domestic product|GDP]]. This spending has doubled the federal debt, increasing it from 58 to 66 percent of GDP. Defense spending increased 61 percent, and non-defense by 23 percent during the eight years since 2000.  The largest non-defense spending increase has been for federally-funded medical expenses, at 54 percent.<ref>[http://www.aier.org/research/commentaries/750-big-government-under-the-bush-administration Big Government Under The Bush Administration], AIER, 16 November 2008</ref> In total, Bush has increased government expenditures by the largest percentage of any president since [[Lyndon Johnson]].  However, this appears likely to be eclipsed by the spending plans of [[Barack Obama]], who pledged on 6 December 2008 to invest "record amounts of money" in infrastructure, a plan which some members of Congress are estimating at $400 to $700 billion.<ref>[http://www.nytimes.com/2008/12/07/us/politics/07radio.html?ref=us Obama Pledges Public Works on a Vast Scale], New York Times, 6 December 2008</ref>.

During this same time period, spending mandated by Congress has also increased by more than 29 percent in inflation-adjusted dollars, representing an 11.4 percent increase in federal spending as a percentage of [[Gross domestic product|GDP]]. This spending has doubled the federal debt, increasing it from 58 to 66 percent of GDP. Defense spending increased 61 percent, and non-defense by 23 percent during the eight years since 2000.  The largest non-defense spending increase has been for federally-funded medical expenses, at 54 percent.<ref>[http://www.aier.org/research/commentaries/750-big-government-under-the-bush-administration Big Government Under The Bush Administration], AIER, 16 November 2008</ref> In total, Bush has increased government expenditures by the largest percentage of any president since [[Lyndon Johnson]].  However, this appears likely to be eclipsed by the spending plans of [[Barack Obama]], who pledged on 6 December 2008 to invest "record amounts of money" in infrastructure, a plan which some members of Congress are estimating at $400 to $700 billion.<ref>[http://www.nytimes.com/2008/12/07/us/politics/07radio.html?ref=us Obama Pledges Public Works on a Vast Scale], New York Times, 6 December 2008</ref>.

Bush has presided over a period of general economic growth. This is partially due to changes in the stock market that lead to a record high in 2007, although the [[NASDAQ]] is still down considerably from the levels it was at before the Dot-com bubble burst. Corporations showed profits growing by double digits growth.<ref>http://www.usatoday.com/money/markets/us/2006-05-08-mart-usat_x.htm</ref> Even the working class benefited from the Bush economy, as unemployment hit an all time low in March 2007.<ref>http://news.yahoo.com/s/ap/economy</ref> Bush signed into law a minimum wage increase, one of the platforms for the Democrats in the 2006 Congressional elections, after the House and Senate included Bush's request of provisions for small-business tax breaks.<ref>http://www.washingtonpost.com/wp-dyn/content/article/2006/12/20/AR2006122001784.html</ref><ref>http://www.washingtonpost.com/wp-dyn/content/article/2007/01/10/AR2007011001666.html</ref> Tax policies have been favorable to reducing the [[Capital Gains Tax]], with a subsequent surge in investment.

Bush has presided over a period of general economic growth. This is partially due to changes in the stock market that lead to a record high in 2007, although the [[NASDAQ]] is still down considerably from the levels it was at before the Dot-com bubble burst. Corporations showed profits growing by double digits growth.<ref>http://www.usatoday.com/money/markets/us/2006-05-08-mart-usat_x.htm</ref> Even the working class benefited from the Bush economy, as unemployment hit an all time low in March 2007.<ref>http://news.yahoo.com/s/ap/economy</ref> Bush signed into law a minimum wage increase, one of the platforms for the Democrats in the 2006 Congressional elections, after the House and Senate included Bush's request of provisions for small-business tax breaks.<ref>http://www.washingtonpost.com/wp-dyn/content/article/2006/12/20/AR2006122001784.html</ref><ref>http://www.washingtonpost.com/wp-dyn/content/article/2007/01/10/AR2007011001666.html</ref> Tax policies have been favorable to reducing the [[Capital Gains Tax]], with a subsequent surge in investment.