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Do you believe in Voo doo economic ....Bush tax cuts need to be extended?

Tax cuts = tax revenue increases? I"m confused. Can you help me understand this?

http://krugman.blogs.nytimes.com/2008/01/16/taxes-and-revenues-another-history-lesson/

 
Anonymous

Asked by Anonymous at 9:10 PM on Jul. 19, 2010 in Politics & Current Events

This question is closed.
Answers (7)
  • H.W Bush was right! .W  BUSH was WRONG!


    Reagans tax cuts sent the deficit to 2.8 TRILLION! from almost 300 BILLION


    GWB's own economics team told him they DONT work,. You make up SOME but NOT enough to COVER the tax break!!!

    sweet-a-kins

    Answer by sweet-a-kins at 9:28 AM on Jul. 20, 2010

  • Giving tax cuts to individuals and businesses, allows the businesses to grow, hire more employees, expand product lines, increase production and distribution. In business, the more working capital and cash flow you have, the better!

    The thing with the Bush Tax Cuts, is MANY people do not realize that it is NOT exclusively a benefit to major corporations or wealthy (top 1% income) individuals...rather the MIDDLE CLASS is going to feel the brunt of the penalties if Congress allows the tax cuts to expire in January!

    Earned Income tax Credits, will be cut, personal and itemized deductions will be limited/reduced, the "marriage penalty" will be in effect again, and additional plus LOWER tax brackets will be implemented. If you used to "escape" paying taxes because you were in the 15-20% tax bracket...there will now be a 10% tax bracket...meaning LOWER INCOME people WILL be paying taxes, and not getting it all back!
    LoriKeet

    Answer by LoriKeet at 10:05 PM on Jul. 19, 2010

  • Bush gave everyone a tax break but it's the businesses that can hire and build when they get breaks. They will not hire while Obama is in office because he is threatening all kinds of taxes. Face it, higher taxes means everyone has less to spend therefor keeping the recession alive.
    In Jan you can expect to lose GBs $1000 child tax credit. Thats $1000 off the top of your 2012 tax refund. Definately hurting the poor and middle class
    itsmesteph11

    Answer by itsmesteph11 at 10:24 PM on Jul. 19, 2010

  • I believe that people who get the sum total of their econ knowledge from Krugman's blog should stop hurting themselves. Now with that said, tax cuts probably would never work with the current admin/congress we have in charge. Get the Dems out and then do it - you can't cut taxes and then spend trillions of dollars every time you have votes to buy, that doesn't work. You have to cut taxes and then CUT SPENDING.
    NotPanicking

    Answer by NotPanicking at 10:37 PM on Jul. 19, 2010

  • Didn't O promise that lower income people would not have any new taxes imposed on them? How will he twist his words to make his supporters believe that he wasn't lying through his teeth?

    ***
    Unfortunately, the play on words is "no NEW taxes." He's not creating NEW ones, just reviving OLD ones. It was part of the downfall of George HW Bush..."Read my lips, no NEW taxes." *sigh*
    LoriKeet

    Answer by LoriKeet at 8:20 AM on Jul. 20, 2010

  • Everything is just a hot mess
    mamaofficer

    Answer by mamaofficer at 8:23 AM on Jul. 20, 2010

  • Those tax credits they are planning to cut have helped my family during the last five years when I've been a SAHM and nursing student, and we've been on one income. I'll be working by the time this hits, but I feel badly for all the other families who depend on this. We've always used the tax refund to pay back the credit debt we incurred during the previous year.

    Didn't O promise that lower income people would not have any new taxes imposed on them? How will he twist his words to make his supporters believe that he wasn't lying through his teeth?
    Iamgr8teful

    Answer by Iamgr8teful at 12:00 AM on Jul. 20, 2010

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