Tax cuts

Armand Biroonak's picture

CAF STAFF

Bush Tax Cuts Leave a Deficit

Submitted by Armand Biroonak
July 17th, 2008

The Bush tax cuts that promised to pay for themselves, in fact will cost American taxpayers $300 billion last year. The tax cuts are primarily responsible for the deficit.

Source
James Horney, "Smaller Deficit Estimate No Surprise: New OMB Estimates Do Not Support Claims About Tax Cuts," Center for Budget and Policy Priorities. 13 July 2007. http://www.cbpp.org/7-11-07bud.htm
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Armand Biroonak's picture

CAF STAFF

Bush Tax Cuts Produce Employment Flop

Submitted by Armand Biroonak
July 17th, 2008

The Bush and conservative-dominated Congress' tax cuts in 2001, and again in 2003 promised to create 5.5 million jobs from July 2003 through the end of 2004. Instead, only 2.4 million jobs were added during that period—1.7 million fewer jobs than the economy was expected to produce without any tax cuts.

Source
John S. Irons, "Bush's Tax and Budget Policies Fail to Promote Economic Growth," Center for American Progress.16 February 2006. http://www.americanprogress.org/issues/2006/02/b1425171.html
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Robert Dorst2's picture

Investing in public works has some support

Submitted by Robert Dorst2 (not verified)
March 25th, 2008

In January 2008, Fortune magazine asked people’s opinion about how to repair the economy. Here are some proposals to help the economy, favor or oppose?

- Tax cuts just for low and middle income people: Favor 76% Oppose 21%
- Limiting rate increases on adjustable rate mortgages to keep them more affordable: Favor 75% Oppose 21% more »

Source
Fortune Magazine, Jan. 14-16, 2008. http://www.pollingreport.com/budget.htm
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Robert Dorst2's picture

Bush's vetoed children's healthcare while defending tax cuts for the wealthy

Submitted by Robert Dorst2 (not verified)
March 25th, 2008

Bush vetoed spending $35 billion over five years to provide health care for 4 million children, while defending the tax break that allows billionaire hedge fund operators to pay a lower rate than their receptionists

Source
“State Children’s Health Insurance Program (SCHIP): Reauthorization History,” The Kaiser Commission on Medicaid and the Uninsured, January 2008. http://www.kff.org/medicaid/upload/7743.pdf
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Robert Dorst2's picture

Tax cuts could be spent on education

Submitted by Robert Dorst2 (not verified)
March 25th, 2008

The Bush tax cuts for households with annual incomes above $1 million will cost more than the federal government spent last year on K-12 and vocational education. The cuts will exceed the combined budgets of the Departments of Housing and Urban Development, Energy, and the Environmental Protection Agency.

Source
“The Skewed Benefits of Tax Cuts,” Center on Budget and Policy Priorities,” 4 February 2008. http://www.cbpp.org/2-4-08tax.htm
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Robert Dorst2's picture

Voters prefer fairer taxes over tax cuts

Submitted by Robert Dorst2 (not verified)
March 21st, 2008

Voters in swing districts prefer fairer taxes over making all Bush’s cuts permanent:
• “The middle-class tax cuts passed under President Bush should be made permanent but those for the wealthy and big business should be left to expire in 2010.” 56% (41% strongly)
• “All tax cuts passed under President Bush should be made permanent.” 35% (27% strongly)

Source
“Democracy Corps Battleground Frequency Questionnaire,” Greenberg Quinlan Rosner Research, 10-13 December 2007. p. 10, http://www.democracycorps.com/wp-content/uploads/011508fqbattlegroundtaxes.pdf
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Robert Dorst2's picture

Voters think tax cuts help the wealthy

Submitted by Robert Dorst2 (not verified)
March 21st, 2008

Voters think the Bush tax cuts helped the wealthy more than the economy as a whole. The December 2007 Democracy Corps survey revealed this in both Democratic and the Republican-held districts.
• “President Bush's cuts have not been worth it, because they only helped the wealthy and did not benefit the middle or lower classes.” 55% more »

Source
“Democracy Corps Battleground Frequency Questionnaire,” Greenberg Quinlan Rosner Research, 10-13 December 2007. p. 9, http://www.democracycorps.com/wp-content/uploads/011508fqbattlegroundtaxes.pdf
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Robert Dorst2's picture

People are frustrated with Taxes

Submitted by Robert Dorst2 (not verified)
March 21st, 2008

Fewer than one third (29%) of Americans believe the distribution of income and wealth in the U.S. is “fair.” People say that corporations and upper-income people pay “too little” in taxes while middle- and lower-income people pay “too much.”

Source
“Gallup's Pulse of Democracy Taxes and Tax Cuts,” Gallup Inc., 5 April 2007. http://www.gallup.com/poll/1714/Taxes.aspx
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Robert Dorst2's picture

Tax Cuts don't pay for themselves

Submitted by Robert Dorst2 (not verified)
March 21st, 2008

Tax cuts were the single largest contributor to the Bush administration’s $2.3 trillion deficit between 2001 and 2006. Tax cuts added more debt (51%) than increased spending on defense and homeland security (33%) and all entitlement programs (10%).

Source
“Tax Cuts: Myths and Realities,” Center on Budget and Policy Priorities, 16 November 2007. http://www.cbpp.org/9-27-06tax.htm. Domestic discretionary programs added 6%.
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Robert Dorst2's picture

Oil Companies benefit from Bush Tax Cuts

Submitted by Robert Dorst2 (not verified)
March 21st, 2008

Oil companies get $14 billion dollars worth of subsidies and tax breaks, even when company profits are at record highs.

Source
Friends of the Earth. http://www.foe.org/new/releases/January2006/exxontaxbreaksfactsheet.pdf
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