Quote:
Originally Posted by Jim in CT
"End the bush tax rates and things would be a lot rosier IMHO."
Does it mean anything to you, anything at all, that tax revenues collected were HIGHER after Bush cut all of our tax rates? First of all, are you aware of that fact? Second, if you are aware, then why don't you get the idea that tax revenues collected DO NOT always move proportionately with tax rates?
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Haven't we covered this topic enough in earlier Debunking GOP Myths 101 sessions?
Bush cut taxes in 2001 and 2003 which immediately led to a DECREASE in tax revenues exacerbated by a slumping economy. It wasn't until 2005 that tax receipts were higher than when Bush took office. We all know that the 2005-2008 run up was being fueled by a credit bubble and not real organic growth.
In fact, I'm not sure there's much evidence that the Bush tax cuts did much more than redistribute wealth upwards and increase the size of the federal debt. Did the rich invest in job creation or just get richer? The growing income inequality during the 2000's is one measure.
So given that taxes are at an historic low and we have a massive deficit problem to solve...here's a good question.
If raising taxes was perfectly acceptable for Ronald Reagan, who did it 16 times I believe, why is it such a taboo subject that the GOP is shunning it's own conservatives who subscribe to the same pragmatic position?
Reagan seems to be the source of divine inspiration for the low tax pledge, and yet in practice he was a tax raising big spender?
Perhaps modern conservatism's foundation is weaker than one might imagine.
-spence