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Friday, September 22, 2006
Lets Talk Taxes Now, whether you're a Democrat or a Republican just take a minute to look at the raw facts concerning the current Bush tax plan courtesy of cbpp.org: - The Bush tax cuts have contributed to revenues dropping in 2004 to the lowest level as a share of the economy since 1950, and have been a major contributor to the dramatic shift from large projected budget surpluses to projected deficits as far as the eye can see. - The tax cuts have conferred the most benefits, by far, on the highest-income households — those least in need of additional resources — at a time when income already is exceptionally concentrated at the top of the income spectrum. - The design of these tax cuts was ill-conceived, resulting in significantly less economic stimulus than could have been accomplished for the same budgetary cost. In part because the tax cuts were not as effective as alternative measures would have been, job creation during this recovery has been notably worse than in any other recovery since the end of World War II. The tax cuts slashed tax revenue by $276 billion in FY2004. The interest paid on the tax cuts in FY2004 were $20 billion. That places the total cost of these tax cuts against Americans at $297 billion, or 2.6 percent of the economy (or GDP). With these numbers the tax cuts were responsible for more than half the FY2004 deficit, which was approximately $477 billion or 4.2% of GDP. Based on these numbers the deficit would have been 1.6% of GDP if the tax cuts were never enacted. Now ask yourself this. Which party is really taking money away from you? Blogger News Network is advertiser-supported, and your visits to our advertisers help BNN to meet its expenses. Help keep us afloat! posted by Dan at 1:16 PM |
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