Talking Points Tuesdays – Bush Era Tax Cuts

Punks!!!

 

The big talk these days in Washington is Bush Era Tax Cuts; some of you might be saying what exactly are the Bush Era Tax Cuts?  It’s very simple, the Bush Tax Cuts are tax cuts that are geared towards the rich (2% of Americans).  These cuts were implemented in 2 phases back in 2001 and 2003; since 2003 the extremely rich (2% Americans) benefited while America paid for 2 wars and had an economy that nearly collapsed into a Great Depression.  Also during this time the working/middle class suffered and carried the weight of this nations fragile economy on its back; for those of you that don’t know that means 95% of Americans carried that load.   

We the working/middle class are the key to a successful economy; when we are doing well this country is doing well.  A perfect of example of this was during President Clinton presidency; EVERYBODY made money during that time!!  This is something that President Obama understood when he campaigned for the presidency; this is what “THE PEOPLE” wanted and cheered for during his campaign rallies.  So far the president has put in place tax cuts for the middle class; 95% of Americans are now receiving a tax cut.  For the people who are slow, THIS IS A GOOD THING!!!!  The next step in President Obama’s plan is to let the Bush Era Tax cuts for the wealthy (2% of Americans) expire at the end of the year and permanently extend the tax cuts for the middle.  Now before the rich get all upset and start yelling about being unfairly treated, when the Bush Era Tax cuts expire the tax rate for the rich will go back to what it was during the Clinton years.  As I stated earlier, it was during the Clinton years when EVERYBODY got paid!!   

So how is it that Republicans have distorted this message?   

Republicans believe that raising taxes on the rich will stifle job creation; this is simply not true.  If this was true where are all the jobs that should have been created as a result of the Bush Era Tax Cuts?  Timothy Homan wrote in an article for Bloomberg.com (Rich Americans Save Tax Cuts Instead of Spending)   

The Moody’s economists examined saving rates by income groups back to 1989. Their study uses statistics from the Federal Reserve’s quarterly Flow of Funds report, which gauges the net worth of households, and the Fed’s triennial Survey of Consumer Finances, a measure of balance sheets, pensions and incomes of U.S. families.   

When tax legislation was signed by Clinton in 1993 — raising the top tax rate to 39.6 percent from 31 percent — the saving rate fell from 12.1 percent in the second quarter to 9.5 percent in the first quarter of 1994. The Standard & Poor’s 500 Index rose 1.9 percent from July through September, after little change the previous three months.   

When the first Bush tax cuts were signed into law in June 2001, pushing the top rate down to 35 percent, the wealthy boosted savings. The saving rate climbed to 2.8 percent in the first quarter of 2002 from minus 2 percent in the second quarter of 2001. The increased savings coincided with a 1.1 percent decline in the S&P 500 index.   

After the second round of Bush tax cuts in May 2003, the rich also increased their saving, with the rate climbing to 7.6 percent in the first quarter of 2004 from 2.2 percent in the second quarter of 2003, the Moody’s data show.   

On top of all that information the best thing about letting the Bush Era Tax Cuts expire for the wealthy 2% would save us $700 Billion that can be used to pay down the National Deficit.  So with all that said you would figure it would be pretty easy for Democrats to debate this.  Except for one thing, Democrats are proving to be PUNK ASS BITCHES!!!     

Instead of using this as an opportunity to show fiscal responsibility Democrats are running scared and are delaying the vote on allowing the Bush Tax cuts to expire.  They are terrified of being accused of raising taxes during an election year; as I stated earlier this is not an increase that has not been seen before.  The rich will simply go back to paying a percentage of taxes they used to pay during one of the most successful economies.  The President and the WHite House are fighting to have this vote now, unfortunately spineless punks like Harry Reid is more concerned about his political future instead of fighting for the working/middle class he claims to care about.  Where is the fight in Democrats?  I see the likes of the President and Nancy Pelosi standing up, when will the rest of the party follow??   

I’ll probably never be a big fan of Bush 43 but at least you can say he stood for what he believed in (good or bad); he didn’t pay attention to poll numbers.    

There is a difference between campaign and governing; some times you have to make difficult decision when you govern.  So Dems get off your asses and stop campaigning when the American people need you to govern!!   

As always….
If there is something to be said, “It’s On Broadway” to step up and say it!!!

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Author: Bobby Broadway

Born and raised in the Borough of Queens; with the backdrop of Manhattan only a stones throw away. I'm a college educated man with Independent thought, who is not afraid of an debate. It's very simple, you respect me and I will respect you...

5 thoughts on “Talking Points Tuesdays – Bush Era Tax Cuts”

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