Ten Myths About the Bush Tax Cuts-and the Facts

It is important for conservatives to have the correct facts to battle with ignorant people who base their ideology from ignorant friends and the news on television. Spread the good word. The Bush tax cuts does work!!!

Ten-Myths-About-the-Bush-Tax-CutsTen Myths About the Bush Tax Cuts-and the Facts

Myth #1: Tax revenues remain low.
Fact: Tax revenues are above the historical average, even after the tax cuts.

Myth #2: The Bush tax cuts substantially reduced 2006 revenues and expanded the budget deficit.
Fact: Nearly all of the 2006 budget deficit resulted from additional spending above the baseline.

Myth #3: Supply-side economics assumes that all tax cuts immediately pay for themselves.
Fact: It assumes replenishment of some but not necessarily all lost revenues.

Myth #4: Capital gains tax cuts do not pay for themselves.
Fact: Capital gains tax revenues doubled following the 2003 tax cut.

Myth #5: The Bush tax cuts are to blame for the projected long-term budget deficits.
Fact: Projections show that entitlement costs will dwarf the projected large revenue increases.

Myth #6: Raising tax rates is the best way to raise revenue.
Fact: Tax revenues correlate with economic growth, not tax rates.

Myth #7: Reversing the upper-income tax cuts would raise substantial revenues.
Fact: The low-income tax cuts reduced revenues the most.

Myth #8: Tax cuts help the economy by "putting money in people's pockets."
Fact: Pro-growth tax cuts support incentives for productive behavior.

Myth #9: The Bush tax cuts have not helped the economy.
Fact: The economy responded strongly to the 2003 tax cuts.

Myth #10: The Bush tax cuts were tilted toward the rich.
Fact: The rich are now shouldering even more of the income tax burden.

Two Year Extension of the Bush Tax Cut is CRAP

Bipartisanship is not what voters want. There should not be a compromise. The GOP won, and the Democrats lost. The voters did not want bipartisanship because compromising a solution only confuses the outcome. The Democrats strategy for the economy is awful. If Democrats start having doubt in their ideology, they are contradicting a belief and that is a fatal character flaw.

The agreement is another 2 year extension on the Bush tax cuts. It has remain another game among politicians to throw the American public a carrot for future potential votes. These morons that represent us are self serving jerks. The American people want a permanent solution; not a temporary fix. Therefore, after 2 years, the American people will have to endure the same crap all over again. Of course, it will occur during another election cycle. The American people will have another chance to put their representatives on notice again. We need to get rid of these career politicians. The public is completely aware that politicians are manipulating their lives, and doing so will anger them ever more.

(Wall Street Journal) President Barack Obama reached agreement Monday with Republican leaders in Congress on a broad tax package that would extend the Bush-era income tax cuts for two years, reduce worker payroll taxes for one year and give more favorable treatment to business investments.

Mr. Obama acknowledged that the agreement marked a significant reversal for him, as he has long argued that income tax cuts for couples earning more than $250,000 should expire. If the political stalemate continued and led to a broad tax increase, Mr. Obama said, "that could cost our economy well over a million jobs.''

The deal would extend a raft of business tax breaks, including credit for spending on research. It would extend current tax rates on capital gains and dividends for two years, including for higher earners. It would also maintain protection for middle-class families from the alternative minimum tax.

As part of the deal, the White House is proposing a provision to encourage more investment in plant and equipment, by letting companies claim deductions on 100% of most kinds of investment.

Under the agreement between the White House and congressional Republicans, the estate tax rate would be set at 35% for two years and would apply only to estates over $5 million. Under current law, the estate tax has lapsed for 2010 and is set to spring next year to 55%.

White House officials will now try to persuade Democrats to back the agreement, but anger on the left suggests that Mr. Obama might need to rely heavily on Republican support to move legislation through Congress.

Republican leaders spoke highly of the agreement. In a statement, House Republican Whip Eric Cantor said, "No one gets everything they want in a deal, but our top priority is to restore certainty to the private sector so that businesses small and large can start hiring again."

Obama and 9.8% Unemployment

As mentioned last month, the media can make up stuff to paint a rosy picture, but realistically, the numbers do not lie. Last month, the good news on consumer sentiment and economic figures are always short lived. The media and the government tend to manipulate the narrative. America continues to live in a deep recession. The current state of the economy is not Bush's fault. During the Bush era, unemployment was on average 5.3%. In 20 months under Obama rule, unemployment remains over 9%. If voters want another Obama term, expect this recession turn to a great depression.

Wall Street Journal U.S. employers added just 39,000 payroll jobs in November, a sharp slowdown from the prior month, the Labor Department said. The unemployment rate jumped to 9.8% from 9.6% in part due to more people joining the labor pool.

But with 15.1 million people classified as unemployed, and millions more on the sidelines who have given up searching for work, the road to finding a job remains bleak for many Americans. More than 6.3 million people in November had been out of work for six months or more, up 100,000 from the prior month.

Democrat Sen. Sherrod Brown says Tax Cuts Don’t Create Jobs, Unemployment Benefits Do

Democrat Senator Sherrod Brown (D-Ohio) is an idiot. He uses the Liberal ideology that unemployment benefits create jobs. There is an analogy Liberals believe that every $1.00 spent on unemployment benefit would produce $1.75 in economy activity. Unless Senator Brown can conjure a rabbit from out of a hat, the analogy is wrong, deceitful, and idiotic.

To clarify, if Bush created 1 million job, as the Senator states, people tend to forget that the average unemployment rate under Bush was 5.2%. America was fully employed. With a Republican control Majority under Clinton, the average unemployment was 5.6%. It was Republicans cutting taxes and keeping Clinton's spending down that helped the economy. Also to note, the Internet boom produce an increase tax revenue and job employment. Since Democrat enjoy using the narrative that the rich are individuals, it must be clarified that the rich are associated with small and big businesses that create jobs in this country. Over taxing the small and big businesses will kill jobs.

(RCP)"Congressman Cantor (R-VA) either failed English class or failed logic class or failed history class because these tax cuts for the rich that Bush did twice, in '01 and '03, resulted in very little economic growth. We saw only one million jobs created in the Bush years, 22 million created in the Clinton years when we reached a balanced budget with a fairer tax system," Sen. Sherrod Brown (D-Ohio) said on MSNBC.

"There is no real history illustrating that these tax cuts for the rich result in jobs. It's extending unemployment benefits that creates economic activity that creates jobs, not giving a millionaire an extra ten or twenty or $30,000 in tax cuts that they likely won't spend," Brown said.