Liberals Trying To Revise The History Of Bush’s Tax Cuts

CNN’s Fareed Zakaria says that Bush’s tax cuts were “the single most significant bad decision George Bush made” because they squandered an opportunity to pay down the national debt:

But by far the lion’s share of the surpluses went into the tax cuts. It was the most profoundly un-conservative act of the Bush presidency. Rather than pay down the debt or save in the good times for the inevitable bad times, Bush squandered it all, so that all of us, particularly the high-income earners, could indulge in a bit more consumption.

Unfortunately for Mr. Zakaria, his analysis is based more on the way liberals want to see the world instead of, you know, reality. The truth is that from 2003 to 2006, the first three years the Bush tax cuts had an impact, federal receipts from the income tax went up $276 billion. Here are the year-by-year numbers courtesy of the Heritage Foundation (numbers in billions of dollars):

2003: $748
2004: $832
2005: $935
2006: $1,024

And far from being “tax cuts for the rich,” the Bush tax cuts drastically increased the amount of taxes paid by “the rich.”

2003: $407
2004: $475
2005: $558
2006: $616

And it wasn’t just income tax receipts that increased. All federal tax receipts increased:

image

And thanks to those increasing tax receipts, which actually outpaced spending growth for several years, federal deficits decreased:
image

So, in summary, after Bush’s tax cuts were put in place our federal tax receipts increased dramatically which in turn caused our federal deficits to plunge. So, far from Mr. Zakaria’s suggestion that Bush’s tax cuts “squandered” an opportunity to shore up our nation’s fiscal situation, Bush’s tax cuts actually created such a situation. That it was squandered by political leaders both Democrat and Republican who just couldn’t bring themselves to rein in spending is another matter entirely.

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  • http://magyartruth.blogspot.com/ Chief RZ

    Thanks, ellinas. I have talked with several people who have had their time wasted by the “ralph nader” solution to tire pressure. Once again, personal responsibility and intelligence would have solved this problem, but Noooooo…

  • robert108

    Rob: Falsely labeling marginal tax rate reductions as “tax cuts” doesn’t help, either. The total tax revenues are being increased, not “cut”. It’s like the Dem liars squealing about program “cuts” when what was really happening was a slight decrease in the rate of increase. The programs were continuing to spend more, but the Dem liars called them “cuts”.

    The lying lefties redefine everything, just like “1984″.

  • http://sayanythingblog.com/entry/america_is_back/#c397018 DINO

    but because the suffering of the people is necessary for them to be victorious, and for them to stay in power.

    And we can always count on the republicans to bring the people that suffering. That’s what we’re about to see in the coming years after 30 years of conservative dominance.

    Do enjoy. Tell your kids to enjoy their diminished future too.

  • bill-tb

    When you run out of truth, you turn to lies. Hoping the dummer voters don’t know you are lying, or don’t care.

    Since the whole of the Obama jive talking campaign was lies, it looks like a safe bet. You think the media is going to tell the truth?

  • http://magyartruth.blogspot.com/ Chief RZ

    1984. We have always been at war with ________ (fill in the blanks). They have trouble with math since “everyday math” has been introduced to government schools.

  • http://sayanythingblog.com/entry/america_is_back/#c397018 DINO

    Social spending is nearly nil already. But perhaps you define it wrong. You people just don’t have a clue.

  • http://sayanythingblog.com/ likwidshoe

    Nor was I aware that we are talking about the “New Deal” or the Great society.

    And that’s very telling!

    Now you may continue to go on blaming Republicans for the increasing spending (and to be sure, they can legitimately be blamed for a lot of it), all the while blindsided as to what most of the spending is.

    Forgive me for being current.

    You weren’t being current.

    The alternative is to bankrupt the country, and if we don’t force the politicians to do the right thing, we are fucked.

    *shrugs* That’s what your side of the political aisle wants. America’s enemies are cheering it all on. Surprise*surprise – they wanted Barack Obama. How about that?

    Don’t blame me. I’m not the one who endorses massive government Ponzi Schemes and then blames everybody else when it is shown not to work. That’s you and your side.

    Now sit and tell me how much more I need to pay for your ideological mistakes. Be sure to heavily lay on some of that infamous guilt trip. It’s all you’ve got left.

  • http://sayanythingblog.com/entry/america_is_back/#c397018 DINO

    The debit will double with the $800 billion bail out plan.

    The debt is 11 trillion. 800 billion won’t double it. Only bush did that- in 8 short years.

    Clinton also shifted funds that traditionally went to the military to pay down the deficit.

    So what? Even if true (which I DOUBT) the military STILL got a gazillion dollars a year to waste as they saw fit AND the deficits DISAPPEARED.

    Clinton also was the benefactor of the Regan (sic) economy.

    {I put sic in there to be like Proof.}

    So please explain the recession under Bush I. Was that the reagan economy too? And didn’t you call this the Obama recession? How could that be? Does time move forward or backward for economic effects?

    Typical of you people to try and shift the timeframes to grab credit and deflect blame. It’s all you can do since all you conservatives ever create is FAILURE.

  • ellinas

    No “change in tune”, e liar!

    robert108 on January 25, 2009 at 03:08 pm

    Sure there is a change in the tune.
    Because a simp like you is denying it, does not make it so.
    When our economy started crumbling, and people were pointing at the obvious you had your head buried deep in the sand, arguing with everybody that it was only the housing market and that market was only a small part of our economy.
    You sir cannot distinguish your head from your ass, much less talk about the economy.
    Again, you demonstrate your ignorance.

  • ellinas

    That’s not the way it works, idiot! Deficits are always about excessive spending, or as you might be able to understand it, “living beyond your means”, which is what greedy govt does.
    More ignorance from you, liar e

    .
    robert108 on January 25, 2009 at 02:53 pm

    That may not be the way it works in theory, idiot!
    In practice that is exactly the way it worked.
    The logical conclusion is that your theory is flawed.
    Living beyond your means, is what lying republicans did with their borrow and spend policies.
    More ignorance from you, liar Robert108.

  • Mickey

    The last seven out of eight years were decent economically with an average 3.5% growth annually. It took a lot of mistakes made by government, especially congress and a couple past administrations to get us where we are now. The private sector did not create the economic meltdown, government meddling did. Capitalism is not the demon. Americans want a balanced play field, not government mandated mediocrity.

    Obama’s stimulus package is all about re establishing power back into government hands and not the public sector.

    The Republicans should hold their ground with the goal of taking back some seats and hopefully killing any hope for Obama’s re election in 2012.

  • http://insanereindeer.blogspot.com/ Kenny

    Social spending is nearly nil already. But perhaps you define it wrong. You people just don’t have a clue.

    Social spending increased in every single area uder Bush:
    Education
    Medicare
    Social Security
    Welfare
    Scientific Funding
    Etc.

    You’re wrong as always.

    Of course they borrowed to spend. However they had to make up for the difference of the reduced taxation. So they borrowed.
    Look, I blame all politicians regardless of affiliation.

    The money was being borrowed before the tax cuts. It was being borrowed after thetax cuts.

    Your entire premise is faulty.

  • ellinas

    It’s all a moot point anyways. It doesn’t seem like you care. It’s all a partisan game to too many of you.

    likwidshoe on January 25, 2009 at 03:52 pm

    An assumption about me not based in reality.

  • ellinas

    No, they didn’t. You don’t borrow to cut taxes. You borrow to spend. Considering that the hard numbers show that cutting tax rates only increases the federal take, your point is even more null and void.
    likwidshoe on January 25, 2009 at 04:23 pm

    Of course they borrowed to spend. However they had to make up for the difference of the reduced taxation. So they borrowed.
    Look, I blame all politicians regardless of affiliation.

  • http://sayanythingblog.com/entry/america_is_back/#c397018 DINO

    Ah Mickey. Dreaming again!

    The growth was like taking out 100 charge card accounts with nothing to pay them off with.

    That’s how republicans run an economy.

  • ellinas

    Now sit and tell me how much more I need to pay for your ideological mistakes. Be sure to heavily lay on some of that infamous guilt trip. It’s all you’ve got left.

    likwidshoe on January 25, 2009 at 04:20 pm

    I will tell you this again in case you missed it:
    The truth of the matter is my ideology calls for both sides to recognize the quandary we are in, freeze spending to the current levels and tax the people to an appropriate level to provide for the services they want.
    I got plenty left. You are not listening, due to your narrow political beliefs.

  • Mickey

    because they squandered an opportunity to pay down the national debt:

    moot point. The debit will double with the $800 billion bail out plan.

    Clinton also shifted funds that traditionally went to the military to pay down the deficit. Robbing Peter to pay Paul is typical state style management which explains why so many states now have multi billion dollars deficits.
    Clinton also was the benefactor of the Regan economy.

    The retro Hoover and FDR policies will flop just like they did the first time around.

  • http://sayanythingblog.com/ likwidshoe

    ellinas – You assumption is ridiculous and backward.
    The republicans under Bush borrowed to cut taxes.

    No, they didn’t. You don’t borrow to cut taxes. You borrow to spend. Considering that the hard numbers show that cutting tax rates only increases the federal take, your point is even more null and void.

    Egh, what’s the point anymore. I don’t find you to be too honest at all ellinas. And that’s a damn shame. What a fool I was, huh? I used to think that you were one of the good ones, however wrong you may be ideologically.

    Argue with the mirror images of yourself. I’m done with you.

  • ellinas

    Wow…

    overcompensating lousy rodent elinas and the winy bitch and “…pathetic old homosexual” and NAMBLA supporter share an understanding of economics a mile wide and a quarter inch deep.
    What else they share we just don’t want to know.

    Rodney Graves on January 26, 2009 at 08:31 am

    We would like to share with the rest of the readers and bloggers here at SAB that you are a racist.
    We would also like to share with the rest that youare a bully, and when you fail to get your point across you threaten people with physical harm.
    But you already knew that, Rodney “Weasel” Graves. Didn’t you?

  • ellinas

    Chief RZ! I went to the lik you provided and finaly realized that some people that post here are stupid and ignorant.
    I will demonstrate by quoting Zsa Zsa:

    Zsa Zsa said…
    Chief… Don’t you hate when the dealership feels like they have to lie?
    The other night my husband & I had a flat. Lucky for me he knew how to change a tire. During the ordeal I started reading the instructions. Half way through the instructions I realized I was reading in German. No wonder I couldn’t understand it???? I can’t imagine what I would have done if it had been in Japanese!

    You see? She was reading something and had to go half way to realize it was not english.
    So do not blame the government schools. Lay the blame on ignorant uneducated people.

  • http://www.willisms.com/ Zsa Zsa

    Assistance???? I don’t want or need any assistance from the Socialist programs & world you so deeply desire, Dino. You are the one who wants My assistance and My Tax$$$$$$ dollars to support your lazy worthless self. I am a giver, not a taker. It is such a worthwhile feeling to be able to support yourself and be able to give to charities. You should try it sometime. Big Govt. is NOT Charity. We don’t need bigger Govt. Our country needs businesses to prosper so people have the ability to work. We don’t need another corrupt Socialist Program that takes from the hard working individuals in our country. We have plenty of them as it is. AND we certainly don’t need another Bail Out filled with Socialist Pork.

  • Mickey

    High unemployment + High interest rates + No stimulus results = NOBAMA 2012

  • http://sayanythingblog.com/entry/america_is_back/#c397018 DINO

    The major damage to this country was done from 2000-2007 while bush ruled with a republican Congress. Bush took the worst ideas of reagan and made them viral. Even before that, all through the 90s, the republicans crowed about the elections they won, how they dominated the agenda, how the democrats were disappearing, how the country was then firmly conservative. So they pursued a very conservative agenda set up by reagan’s “conservative revolution”.

    Are you going to tell me that we pursued any form of liberalism in the past 30 years? We haven’t had a liberal leader sincve LBJ!

    So now we sit in economic ruin and the same bragging republicans want to blame the people they claimed had no power over the time the bubbles were building.

    Disingenuous at best.

    People like Zsa Zsa refuse to read the facts about who led us down the path of ruin, who destroyed the economic system, who promoted bad loan practices. It’s profound ignorance and denial all rolled into one.

    The real culprit is the American people who voted republican all those years. There should be a way to direct any assistance AWAY from those people and let them fend for themselves, let them beg for help and not get it.

  • ellinas

    ellinas – Borrowing to facilitate tax cuts is not good any way you cut it.

    This is ridiculous and backward. The feds borrowed to facilitate ever increasing SPENDING.

    likewise on January 25, 2009 at 03:52 pm

    You assumption is ridiculous and backward.
    The republicans under Bush borrowed to cut taxes.
    My dog could have told anyone, free for the asking, that we could not afford tax cuts, and the levels of spending the republicans had in mind.
    Borrow and spend is as bad, if not worse, as tax and spend.

  • Kramer

    First it’s revision history, both Europe’s and the United States…ie Hilter good, Reagan bad, communism and socialism both worked/capitalism never worked, just a lot of cow turds from a bunch of liberal scumbags.

  • ellinas

    Ellians, I actually do know a little German. I just am not in it fluent though.

    Zsa Zsa on January 26, 2009 at 07:06 am

    So you say. But this is what you said to chief rz:

    “During the ordeal I started reading the instructions. Half way through the instructions I realized I was reading in German. No wonder I couldn’t understand it???? I can’t imagine what I would have done if it had been in Japanese!”

    You were reading something you did not understand. It took you how many paragraphs to realize it was in German and not in English?
    If you can’t tell the difference between English and German how can you come here and talk about important issues?
    And for that matter have you no shame? You criticize people about their views, call them all kinds of names, yet you are unable to tell English from German.
    Auf Wiedersehen, und Auf Wiederhören.

  • http://sayanythingblog.com/entry/america_is_back/#c397018 DINO

    Tax receipts normally go up during good to normal times due to the growth in the economy so your data is meaningless. But if you follow that line of reasoning, Federal receipts went up even more when Clinton RAISED taxes. Like Ellinas said, look at how that debt DOUBLED and tell us how good the bush fiscal policies were. With a straight face, if possible.

    But hey, if you want to try and convince people that we just came off a good 8 year run for the economy, the debt and budget deficits, go for it.

    I think it might be a hard sell.

  • http://www.willisms.com/ Zsa Zsa

    “We haven’t had a liberal leader since LBJ!” ??? What do you think Carter and Clinton were?

  • http://www.willisms.com/ Zsa Zsa

    Ellians, I actually do know a little German. I just am not in it fluent though.

  • A Citizen

    Do enjoy. Tell your kids to enjoy their diminished future too.

    Didn’t you claim to have one child?

  • http://www.willisms.com/ Zsa Zsa

    Exposing the unsound practices with liberal encouragement to make sub standard loans for decades to people who had no way of paying them is what GW Bush is most guilty of. Interesting how liberal Dems such as Barney Frank etc… are off the hook. Instead we have the idiotic, mindless rants of individuals like Dino, who have swallowed the obsessive liberal media spin and lies that it is all the ” Conservatives fault.” Unfortunately this house of cards tumbled on GW Bush’s watch. When in actuality these careless practices should have been stopped decades ago. Now that Fannie and Freddie have been exposed for what they are accountability should be taken. BUT as usual the liberals crawl under their rocks and slide down into their holes and will emerge as blameless victors. AND as usual the liberal media still has yet to point the finger at the Liberals who encouraged this mess.

  • ellinas

    I wasn’t aware the the Republicans were responsible for the “New Deal” and “Great Society”. As you’re pointing your fingers at the other guy, the truth of the matter is that your ideology calls for the greatest tax bill.

    likwidshoe on January 25, 2009 at 03:52 pm

    Nor was I aware that we are talking about the “New Deal” or the Great society.
    Forgive me for being current.

    The truth of the matter is my ideology calls for both sides to recognize the quandary we are in, freeze spending to the current levels and tax the people to an appropriate level to provide for the services they want.
    It is obvious to the most casual observer, that neither side is able to prove that their ideology, and theirs alone is what is good for America. Therefore the pragmatic thing to do (I know, it is just wishful thinking on my part)is what I described in bold letters above. The alternative is to bankrupt the country, and if we don’t force the politicians to do the right thing, we are fucked. We will be working for the Chinese for many generations to come.

  • http://sayanythingblog.com/entry/america_is_back/#c397018 DINO

    Centrists. Republican-lite.

    Southern democrats are not liberals.

  • http://sayanythingblog.com/ likwidshoe

    ellinas – Borrowing to facilitate tax cuts is not good any way you cut it.

    This is ridiculous and backwards. The feds borrowed to facilitate ever increasing SPENDING.

    It’s all a moot point anyways. It doesn’t seem like you care. It’s all a partisan game to too many of you.

    Living beyond your means, is what lying republicans did with their borrow and spend policies.

    I wasn’t aware the the Republicans were responsible for the “New Deal” and “Great Society”. As you’re pointing your fingers at the other guy, the truth of the matter is that your ideology calls for the greatest tax bill.

  • ellinas

    Your economic illiteracy astounds.

    Rob on January 25, 2009 at 02:45 pm

    Your economic illiteracy astounds. Since the we did not rein in spending, the tax cuts were ill advised, and the result was a national debt that has surpassed even Reagan’s.
    No amount of propaganda from simps will change that fact.
    As you have said before the republicans under Bush were not good stewards of our economy.
    I wonder why you are changing your tune now?

  • http://www.dartemis.net/blog/ sayanything-42

    Wow…

    overcompensating lousy rodent elinas and the winy bitch and “…pathetic old homosexual” and NAMBLA supporter share an understanding of economics a mile wide and a quarter inch deep.

    What else they share we just don’t want to know.

  • robert108

    No “change in tune”, e liar! Cutting marginal tax rates helped the economy grow, and reducing spending would have made it even better. Pandering RINOs obviously thought they could play both sides, when they should have followed the tax rate cuts with cuts(real cuts, not decreases in the rates of increase) in wasteful social spending.
    Deficits are always about overspending, and PBO promises to eclipse even the former Spendocrats in that respect, without the relief of marginal tax rate cuts.

    Again, you demonstrate your ignorance.

  • ellinas

    Borrowing to facilitate tax cuts is not good any way you cut it.
    Notice our national debt. That is a result of the tax cuts, and irresponsible spending.
    Borrow and spend is not a good fiscal policy.
    Worse than that though is borrow and cut taxes.

  • robert108

    Borrowing to facilitate tax cuts…

    That’s not the way it works, idiot! Deficits are always about excessive spending, or as you might be able to understand it, “living beyond your means”, which is what greedy govt does.

    More ignorance from you, liar e.

  • http://sayanythingblog.com robport

    Borrowing to facilitate tax cuts is not good any way you cut it.
    Notice our national debt. That is a result of the tax cuts, and irresponsible spending.

    Did you not even bother to read the post? After Bush’s tax cuts federal tax receipts increased. That means the amount the federal government collected in revenues went up. It went up so much that it actually outpaced spending growth leading to reductions in budget deficits.

    Now there were still deficits, which caused our national debt to continue to increase (I really hope I don’t have to explain to you the difference in those two things), but if we’d reined in spending (which you liberals are never in favor of) we could have balanced the budget under Bush.

    But we didn’t.

    Your economic illiteracy astounds.

  • http://suitepotato.blogspot.com/ sayanything-4808

    They did this same thing with Reagan, Bush Sr., and Bush Jr. now. Remember when actual recorded materials surfaced of JFK, the liberal idol and demigod the new messiah elect is supposed to be the reincarnation of, that JFK was a low tax low spending small government sort and hit upon nearly every point Reagan would years later, how the left howled, “how dare you even mention his name?! What gives you the right?!”

    It made me recall that episode of Star Trek: Next Generation, The Drumhead, where Picard quotes a judge regarding the legal rights of the individual and his daughter playing the absolute psycho witch leading the proceedings takes the same attitude. “How dare you?!”

    How dare we? How dare you, you lying sniveling leftist twits? How dare you constantly sell what you yourselves know to be a lie, just to further yourselves? How dare you refuse to face the hard numbers recorded robotically and unemotionally by bean counting automatons? You lie about everything. About how economics works in the face of human nature recorded for more than six thousand years. About how physics works in the face of scientific experiment and mathematical formulas recorded in millions of books and journals. About pretty much anything and everything in your fanatic desire to be right.

    The economy is right now, not in any danger other than that of doomsayers like yourselves, encouraging all and sundry not to engage in the economic flow that is the essence of the economy. It’s very lifeblood you would have choked off, in order to be right. In order to get your way, you would see people unemployed, homeless, hungry, disaffected, estranged, angry, frustrated, and hopeless.

    The left are slime not different from Nazis, Communists, Islamic Supremacists, and all the others who would gladly subject the people to hardships not only to get their way, but because the suffering of the people is necessary for them to be victorious, and for them to stay in power.

    A rot in the body politic, truly.

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