Thursday, September 30, 2010

Bush Tax Cuts Fuel The Deficit

Check out the chart. Thanks to Institute For Wisconsin's Future:

Bush tax cuts were a lose-lose policy

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?

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.

Average incomes fell. Average taxpayer income was down $3,512, or 5.7 percent in 2008, compared with 2000. 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."

1 comment:

Anonymous said...

Let me get this straight - the Bush Tax cuts were the direct and single cause of a drop in income of $2.74T over 8 years?

This "analysis" is idiotic on its face on so many levels it is impossible to know where to start.

To make a long story short, figures never lie but liars figure.