Bush Tax Cuts Turn 10
Tuesday, June 07
June 7, 2011
Bush Tax Cuts Turn 10: The Top 10 Things the Congressional Republicans That Want to Make Them Permanent Forget to Mention
1) New York Times’ Economix, 11/18/10: “Those tax cuts passed in 2001 amid big promises about what they would do for the economy. What followed? The decade with the slowest average annual growth since World War II. Amazingly, that statement is true even if you forget about the Great Recession and simply look at 2001-7.”
2) Wall Street Journal, 1/9/09: ‘Bush On Jobs: The Worst Track Record On Record’
Ø New York Times, 9/7/09: “FOR the first time since the Depression, the American economy has added virtually no jobs in the private sector over a 10-year period.”
3) The Huffington Post, 05/20/11: Bush-Era Tax Cuts Projected As Largest Contributor To Public Debt [CHART]
3) Economic Policy Institute, 6/1/11: From 2001 through 2010, the cuts added $2.6 trillion to the public debt; nearly 50% of the total debt accrued during this period.
4) TRICKLE-UP ECONOMICS: Economic Policy Institute, 6/1/11: In 2010, the top 1% of earners received 38% of the breaks in the 2001-08 tax changes; 55% of the tax breaks went to the top 10% of earners (those making over $170,000)
Ø Tax Policy Center, 7/8/10: The average millionaire gets more than $100,000 a year in tax breaks under the Bush tax cuts.
5)EPI, 6/1/11: In 2010, tax filers in the bottom 20% of the income distribution (tax filers making less than $20,000) received only a 1% share of the tax cuts, and 75% of these low-income families saw no reduction at all.
6) Fiscal Times, 5/13/11: According to an April New York Times/CBS News poll, 41 percent of people primarily blame the Bush administration for today’s deficit; only 14 percent blame Obama. That same poll found that an overwhelming 72 percent of people support raising taxes on couples making more than $250,000 in order to reduce the deficit.”
7) Citizens for Tax Justice: “Many lawmakers want to extend the Bush tax cuts again into 2013 and beyond, which would almost double the federal budget deficit.”
8) Huffington Post, 6/6/11: 'Patriotic Millionaires' Describe What They've Done With Their Bush Tax Cuts: 'I Built A Dance Floor In My House'
9) CBPP, 5/26/11: The House budget would permanently lock in all of the Bush tax cuts, which flow disproportionately to high-income people. It also would make permanent the relief from the AMT that now is regularly extended every year or two. The Congressional Budget Office estimates that extending these tax cuts would cost $3.8 trillion over the coming decade, the vast majority of which would be attributable to the Bush tax cuts.
10) CBPP, 4/20/11: The House budget essentially would finance these tax cuts with extremely large budget cuts, including cuts in a number of key programs for people with low or moderate incomes:
Ø Associated Press, 5/10/11: The House Republican budget would leave up to 44 million more low-income people uninsured as the federal government cuts states’ Medicaid funding by about one-third over the next 10 years.
Ø ThinkProgress, 6/2/11: House GOP Cuts To Nutrition Assistance Equal To One Week Of Bush Tax Cuts For Millionaires
Posted by Kombiz