Block, Siteadmin, SkipCaptcha, Upload, Automoderated users, delete, edit, move, nsTeam2RO, nsTeam2RW, nsTeam2_talkRO, nsTeam2_talkRW, protect, rollback, Administrators, template
294,884
edits
Changes
Jump to navigation
Jump to search
Line 92:
Line 92: − + + + − After the Bush Taxcuts of 2001 and 2003 took effect, taxes collected by the government rose $800 billion dollars, according to the [[Office of Management and Budget]]+ − + − [[File:Federal Reciepts after Bush Taxcuts.png|375px]]<br>+ − + − and 8 million jobs were created, according to Labor Department statistics.+ − − − − 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> − −
Template:Mainpageleft (view source)
Revision as of 21:20, December 8, 2010
, 21:20, December 8, 2010update
"We all know [[art]] is not truth. Art is a lie that makes us realize truth." [[Pablo Picasso]].
"We all know [[art]] is not truth. Art is a lie that makes us realize truth." [[Pablo Picasso]].
==Bush era taxcuts==
==The Obama deficits==
[[File:Obamunismdeficts.jpg|375px]]<br>
''Source: [[Congressional Budget Office]]''.
The '''[[Obama administration deficit spending]]''' is government deficit spending which is occurring at unprecedented levels. The [[Obama administration fiscal policy]] is burying Americans under a mountain of debt. Persistent deficit financing, along with tax increases in hard economic times, are known job killers that stifle growth and choke job creation, even according to [[Keynesian]] economic theory.<br><br>
[[File:Obama deficit.JPG|375px]]<br>''Source: White House Office of Management and Budget''<br>
The Obama [[Federal budget deficit|deficit]]s are unquestionably the largest on record and represents an explosion of debt owed to foreign investors -- [[capital]] that must be exported in the future. The most recent deficit under President Obama for the year ending September 30, 2010 has been reported by the administration as $1,290 billion dollars (or $1.29 trillion).
[[File:Obama deficits 2009-2010.JPG|375px]]
President Obama's record deficits include the $787 billion failed [[Economic stimulus]], the $634 billion "down payment"<ref>http://www.washingtonpost.com/wp-dyn/content/article/2009/02/25/AR2009022504066.html</ref> on so-called [[Obamacare|healthcare reform]], and the $80 billion<ref>http://www.time.com/time/business/article/0,8599,1897321,00.html</ref> [[UAW]] [[bailout]], which added to [[President George W. Bush]]'s proposed $700 billion deficit<ref>http://www.washingtonpost.com/wp-dyn/content/graphic/2009/03/21/GR2009032100104.html</ref> in 2008.
[[File:Jobs created after Bush Taxcuts.png|375px]]<br>
[[File:Effect of Bush taxcuts on deficit.JPG|375px]]<br><br>
=='''GDP Report Shows [[Economic stimulus|Stimulus]] Failed'''==
=='''GDP Report Shows [[Economic stimulus|Stimulus]] Failed'''==