The GOP is still up to their old tricks, selling the dupes and sheeple on their "Jobs Plan" that is mainly cuts to the 99% and even more tax breaks for the 1%, typical political rhetoric and lies that if we grant Corporations and businesses huge tax breaks they will reinvest in America and create jobs. Exactly how did that work out for the Bush Tax Cuts?
So How Did the Bush Tax Cuts Work Out for the Economy?David Cay Johnston | Sep. 24, 2010 08:02 PM EDT
The 2008 income tax data are now in, so we can assess the fulfillment of the Republican promise that tax cuts would produce widespread prosperity by looking at all the years of the George W. Bush presidency.
Just as they did in 2000, the Republicans are running this year on an economic platform of tax cuts, especially making the tax cuts permanent for the richest among us. So how did the tax cuts work out? My analysis of the new data, with all figures in 2008 dollars:
Total income was $2.74 trillion less during the eight Bush years than if incomes had stayed at 2000 levels.
That much additional income would have more than made up for the lack of demand that keeps us mired in the Great Recession. That would mean no need for a stimulus, although it would not have affected the last administration's interfering with market capitalism by bailing out irresponsible Wall Streeters instead of letting the market determine their fortunes.
In only two years was total income up, but even when those years are combined they exceed the declines in only one of the other six years.
Even if we limit the analysis by starting in 2003, when the dividend and capital gains tax cuts began, through the peak year of 2007, the result is still less income than at the 2000 level. Total income was down $951 billion during those four years.
Average incomes fell. Average taxpayer income was down $3,512, or 5.7 percent, in 2008 compared with 2000, President Bush's own benchmark year for his promises of prosperity through tax cuts.
Had incomes stayed at 2000 levels, the average taxpayer would have earned almost $21,000 more over those eight years. That's almost $50 per week. MORE
This Op-Ed contains two special comments, one to President Obama, and the other to the businesses that claimed that the OWS Protesters were hurting their profits and then petitioned the various cities to revoke the permits of the Protestors to demonstrate. For those businesses that believe profit trumps democracy -- Shame on you! We know that times are tough, but know this; with the GOP obstructing any and all efforts to create jobs in these United States to "hurt" President Obama, our economy is guaranteed to continue its downward spiral. Our economy is tanking, and if the GOP keeps up their obstructionism, business will get worse and eventually, you won't have one-quarter of the business that you now serve. This is a deep slide into financial oblivion, and if you can't figure that out, who cares if the protests are cutting into your profits? If you can't see the forest through the trees, I'd suggest that you open your eyes. You too are part and parcel of the 99% -- and the only difference between you and the rest of America is that you still own your businesses and are allowed to operate by the whim and grace of the 1%. Read the above facts I quoted, and if you can't understand the language or the data, then your business is doomed anyway"
To The President of The United States:
President Obama, are you our President or are you Candidate Obama right now, only interested in getting reelected? Just for the fun of it, let's say that you win the 2012 elections and you receive another four (4) year term as our President -- with a sworn duty to respect the Constitution and represent the people, not Corporate America. Will your reelection result in some sort of a miracle that will cause the GOP to cease their obstructionism just because you won another election?
Mr. Obama, if you haven't noticed, the United States is under attack from within, just as it was in 1934 when a true American Hero, Smedley Butler, foiled a fascist takeover of the United States. Several wealthy families and corporations were implicated in the scheme, and rather than jail hundreds of high-powered Corporations and individuals, the Coup was foiled and no one was ever prosecuted:
President Obama, I believe that we again face a similar situation and from some of the same people and corporations that were unsuccessful in overthrowing our government in 1934, plus the new wealthy and elites whom believe they have a birthright to rule this nation as they please. While you are attempting to secure another term in office, we the people of the United States are facing another Coup attempt, and rather than using violence to overthrow the government -- they are doing it by buying our Congress and other government officials, much of it brought about by the Fascist Koch Brothers who should have been arrested for sedition and treason a decade ago!
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