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  1. #1
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    Default The truth about the Bush Tax cuts and the economy

    I saw this on Glenn Beck last night and was able to find the link to the full transcript I have brought the key points over hear.
    MOORE: Right. Well, this is the amazing part of the story. If you look at the new data that just came out last week from the treasury department, hold onto your hat, folks. The wealthiest Americans, that evil top 1%, Glenn, is now paying a larger share of an income tax burden than at any time in recorded history since we've been keeping track of these numbers. George Bush has soaked the rich with his tax cuts more than any other President in history.

    To be in the top 1%, you have to earn over $350,000 per year.

    Nine million. Nine million Americans have an income of more than a million dollars. Is this a great country or what? Now, I know this is making liberals hyperventilate that there are nine million people who make a million dollars but it's true. There's now one out of eight, every eight American households, one out of every eight makes more than $100,000. I'm old enough to remember when making $100,000 was a big, big deal!
    They are great ammunition against liberals. I'm not going to blizzard you with statistics but just a couple. The top 1%, Glenn, the richest 1%, they now pay 39.4% of all the income taxes.
    Top 5%, the richest 1 out of 20, they pay 59.5% of the income tax.
    GLENN: 50, the bottom 50%.

    MOORE: Take a wild guess.

    GLENN: I don't even -- it's got to be something ridiculous. 5%? 10%?

    MOORE: 3, 3%.

    GLENN: 3%. So 50% of this country, 50%.

    MOORE: Pay 3%.

    GLENN: So anybody who makes $175,000. And that really could be a small businessman.

    MOORE: Oh, yeah. That's an important point, Glenn. I'm glad you mentioned that. You know the people who pay the highest income tax rate in this country, people who make over $200,000 a year, those are the people that, you know, Hillary and Obama say they have to pay higher tax rates. Now, here's the crutch on this. Two out of every three of those people are small business owners. Those are the people who hire people and employ people in this country. Now, if you're going to raise their tax rate, folks, they are not going to be able to hire as many workers. I mean, this seems pretty simple. You raise their taxes, they don't have as much money, they can't have as much investment in their business. So the people who get hurt by raising taxes on the rich are oftentimes the middle class and lower income people who don't get jobs.
    What isn't mentioned is that the economy is doing better than ever and the deficit is dropping like a rock. Of course the liberals want to take this all away and reverse the trend. Go figure.


  2. #2
    Forum Member scfire86's Avatar
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    Quote Originally Posted by HotTrotter View Post
    What isn't mentioned is that the economy is doing better than ever and the deficit is dropping like a rock. Of course the liberals want to take this all away and reverse the trend. Go figure.
    A patient can be bleeding out on the operating table, and the doctor can find a way to slow the loss of blood. If you consider this to be good news, since the rate of hemorrhaging is reduced by 20% then you are well beyond being a "glass half-full" kind of guy.

    The truth is that the depth of the current deficit is masked by the creative accounting of borrowing from the SSA and by Supplemental Appropriations, which is a fancy way of trying to convince the masses that the deficit is being reduced in any meaningful way. You certainly bought into the myth, if I am to take your post at face value.

    More to the point, the deficit is the symptom but the debt is the disease. All of the paper we've floated in the global financial markets to pay for our overheated spending means that well over $400 Billion dollars in Treasury securities (T-bills and T-notes) are in the hands of the Chinese alone; if US currency is included, the Chinese hold over $1 Trillion of our cash and securities. The Arab nations likewise hold a tremendous amount. These are tenuous allies of the US, and all it would take would be a change in power or direction for any of those countries and they could tank our economy on the global marketplace without firing a shot.
    Politics is like driving. To go forward select "D", to go backward select "R."

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    So,how come the Dems haven't been able to do anything about it?They have a majority in Congress and if they can't get enough votes to override presidential vetoes,what good are they?
    That's what they said they would do anyway,roll back the "damages" incurred by President Bush.

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    Quote Originally Posted by HotTrotter
    What isn't mentioned is that the economy is doing better than ever and the deficit is dropping like a rock.
    I'll ignore the "economy is doing better than ever" part, because it's not even really clear what a statement like that means without knowing what you're basing it on. Is it GDP growth? Per capita income? What?

    We'll focus instead on the deficit issue...

    It is true that the 2006 on-budget deficit of $435 billion IS lower than any of the three years before it. Of course, that's not quite as nice as the $86 billion on-budget SURPLUS the Bush administration inherited from the Clinton administration at the end of 2000.

    It is also true that the Congressional Budget Office's forecasts for the next five years project the on-budget deficits at anywhere from $389 billion (2007) to $489 billion (2010). "Dropping like a rock" isn't even a remotely true statement with numbers like these.

    The numbers get more amusing when you get to 2012, when the CBO baseline deficit projections drop below $250 billion and stay there through 2017. The fun begins when you look further down in the document and see what is, and isn't, included in the baseline. Among the omissions is the extension of the Bush tax cuts, the inclusion of which drive the deficits in 2012 through 2017 back over $400 billion again, according to the CBO's own numbers.

    So what we have here is the typical Bush administration distortions at work...on the one hand touting their fiscal responsibility for reducing projected deficits and on the other pushing the extension of tax cuts that will wipe out their deficit reductions. However, since most of the public would rather get their information radio and TV talking heads than directly from responsible sources, there's no end of this sort of snake oil salesmanship in sight.

    Oh, yea, the CBO budget data can be found here....

    http://www.cbo.gov/

    Enjoy.

  5. #5
    Forum Member scfire86's Avatar
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    Quote Originally Posted by doughesson View Post
    So,how come the Dems haven't been able to do anything about it?They have a majority in Congress and if they can't get enough votes to override presidential vetoes,what good are they?
    That's what they said they would do anyway,roll back the "damages" incurred by President Bush.
    For one thing the Dems have been a majority for less than a year. Secondly, if you look at the deficit numbers "falling like a rock" have started to occur since the Dems took over the majority.
    Politics is like driving. To go forward select "D", to go backward select "R."

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    Quote Originally Posted by scfire86
    For one thing the Dems have been a majority for less than a year.
    More to the point, it takes a 2/3 majority in either house to override a presidential veto. So, for the Democrats to be inefective on their own, they'd have to have 2/3 of the seats in both houses and still not override. They have 2/3 of the seats in neither house.

    If people aren't happy with the failure of Congress to override Bush vetos, then the responsibility for that falls squarely on the Republicans in Congress. Some of them have to cross over and vote with the Dems for any veto to be quashed, and until they do, what we'll have is Republican-led and Republican-maintained gridlock.

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    Quote Originally Posted by bobsnyder View Post
    If people aren't happy with the failure of Congress to override Bush vetos, then the responsibility for that falls squarely on the Republicans in Congress. Some of them have to cross over and vote with the Dems for any veto to be quashed, and until they do, what we'll have is Republican-led and Republican-maintained gridlock.
    And it means those Republicans who won't vote to override now have tacit ownership of not being representative of why Americans threw their colleagues out of office in '06.
    Politics is like driving. To go forward select "D", to go backward select "R."

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    Quote Originally Posted by bobsnyder View Post
    If people aren't happy with the failure of Congress to override Bush vetos, then the responsibility for that falls squarely on the Republicans in Congress. Some of them have to cross over and vote with the Dems for any veto to be quashed, and until they do, what we'll have is Republican-led and Republican-maintained gridlock.

    Many of them do. But do you think that any of these elected scumbags are going to stop spending money in ther distrcits?

    And SC's comment about not reducing deficits or doing anything about it because the Dems have been in office for less than a year is mildly bunk - they have already voted on one budget.........and done nothing.

    Just reaffirms my lack of trust in any elected official to do the right thing.
    "Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like." Will Rogers

    The borrower is slave to the lender. Proverbs 22:7 - Debt free since 10/5/2009.

    "No man's life, liberty, or property are safe while the legislature is in session." - New York Judge Gideon Tucker

    "As Americans we must always remember that we all have a common enemy, an enemy that is dangerous, powerful and relentless. I refer, of course, to the federal government." - Dave Barry

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  9. #9
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    Quote Originally Posted by DaSharkie View Post
    And SC's comment about not reducing deficits or doing anything about it because the Dems have been in office for less than a year is mildly bunk - they have already voted on one budget.........and done nothing.
    Sharkie. My statement isn't mildly bunk, it is total BS. I just like tweaking Trotter since he believes Bush's fiscal policy has anything resembling sanity.
    Politics is like driving. To go forward select "D", to go backward select "R."

  10. #10
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    Quote Originally Posted by scfire86 View Post
    Sharkie. My statement isn't mildly bunk, it is total BS. I just like tweaking Trotter since he believes Bush's fiscal policy has anything resembling sanity.
    Ah. As I have said before - I trust very few politicians.

    However, to blame JUST the President is misled since Congress controls the purse strings of our nation. There is more than enough blame to spread all over our fat, bloated, useless politicians of both parties.
    "Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like." Will Rogers

    The borrower is slave to the lender. Proverbs 22:7 - Debt free since 10/5/2009.

    "No man's life, liberty, or property are safe while the legislature is in session." - New York Judge Gideon Tucker

    "As Americans we must always remember that we all have a common enemy, an enemy that is dangerous, powerful and relentless. I refer, of course, to the federal government." - Dave Barry

    www.daveramsey.com www.clarkhoward.com www.heritage.org

  11. #11
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    What is interesting is that contrary to what the liberals were saying when we got the Tax cuts, the richest 5% of the population is paying 60% of the tax bill. Tell me again why we need to increase taxes (or as the libs say get rid of the Bush tax cuts).

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