Posted by: arnegrim | July 22, 2010

Bush tax cuts

How is it possible, if the Bush tax cuts only helped the rich, that when they expire it will result in the largest tax increase for ALL Americans?  Not just the rich?

Oh wait… it affected EVERYONE…

” Many Americans could be hit with a big tax increase in the next two or three years despite President Barack Obama’s repeated promises to shield the middle class from higher rates…

The tax cuts were enacted in 2001 and 2003 after Bush made them the centerpiece of his election campaign. They provided help for rich and poor alike, reducing the lowest marginal rates as well as the top ones and several in between. They provided a wide range of income tax breaks for education, families with children and married couples.”

http://news.yahoo.com/s/ap/20100722/ap_on_bi_ge/us_tax_cuts

On an interesting note… this graph shows that, in fact, the rich pay a larger tax burden… and the Bush tax cuts, if they favored anyone, favored the lower and middle classes.

TAX CUTS 2

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Responses

  1. How do you feel about the White House’s stance on the Bush Tax Cuts, now that they’ve made clear they want to extend it for all but the highest bracket, and given House Minority Leader Boehner’s concession that he would support extending the tax cuts only for the lower- and middle-classes?

  2. I agree with many who say raising taxes on anyone in the middle of a recession is the wrong thing to do. I agree with Orszag… Extend them for two years and rework them later when the economy has recovered more. Just to be perfectly clear, I disagree with any sort of tax increases that are class specific. The middle class is hurting, but even so, we can’t keep penalizing those who provide the jobs without consequences.

  3. http://hotair.com/archives/2010/09/07/orszag-extend-all-bush-tax-cuts-two-years/
    Notice at the bottom of the article about cutting spending.


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