Changes

[[File:Jobs created after Bush Taxcuts.png|375px]]<br>

[[File:Jobs created after Bush Taxcuts.png|375px]]<br>

Initially the '''[[Federal Budget Deficit|deficit]]''' swelled to $400 billion but by 2008 it narrowed to $160 billion. Taxes collected by the government increased from $1,800 billion to 2,600 billion (or $800 billion, recouping the original cost of $400 billion) and 8 million jobs were created. Conclusion: taxcuts more than pay for themselves.<br>

Initially the '''[[Federal Budget Deficit|deficit]]''' swelled to $400 billion but by 2008 it narrowed to $160 billion. Taxes collected by the government increased from $1,800 billion to 2,600 billion (or $800 billion, recouping the original cost of $400 billion).

 

The Tax Foundation estimates that of tax filers reporting income of more than $1 million a year, about 80% have business income and that more than 60% of millionaire income is either business or investment income. So about two of every three dollars raised would come directly out of business coffers—i.e., from the capital that businesses need to expand their operations.

 

Tax payments by millionaire households more than doubled to $273 billion in 2007 from $132 billion after the tax rates were cut in 2003. The number of tax returns with $1 million or more in annual reported income doubled over that period thanks to the strong economic rebound. Tax payments by millionaires also increased dramatically after the Reagan and [[John Kennedy|Kennedy]] tax rate reductions. 8 million jobs were created. [http://online.wsj.com/article/SB10001424052748703326204575616843991237032.html]

 

Conclusion: taxcuts more than pay for themselves.<br>

[[File:Effect of Bush taxcuts on deficit.JPG|375px]]<br><br>

[[File:Effect of Bush taxcuts on deficit.JPG|375px]]<br><br>