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tax "cuts" or "deferments"?

F

FallingPianos

everyone has been debating the economic impact of Bush's tax cuts, but I wonder if its even accurate to call them "tax cuts". government spending has greatly increased sinse Bush took office, so wouldnt it be more accurate to call them "tax deferments"?

and even if these deferments have had a short term beneficial impact on the economy, what about in the long run?
 
F

FallingPianos

here is more information:

CLAIM THAT TAX CUTS “PAY FOR THEMSELVES” IS TOO GOOD TO BE TRUE:
Data Show No “Free Lunch” Here
by Richard Kogan and Aviva Aron-Dine

In recent statements, the President, the Vice President, and key Congressional leaders have asserted that the increase in revenues in 2005 proves that tax cuts “pay for themselves.” In other words, the economy expands so much as a result of tax cuts that it produces the same level of revenue as it would have without the tax cuts.

President Bush, for example, commented in a February 8 speech, “You cut taxes and the tax revenues increase.”[1] Similarly, Vice President Cheney has claimed, “The tax cuts have translated into higher federal revenues.”[2] Majority Leader Frist wrote that recent experience demonstrates, “when done right, [tax cuts] actually result in more money for government.”[3] The Vice President also has stated, “The evidence is in, it’s time for everyone to admit that sensible tax cuts increase economic growth and add to the federal treasury.”[4]

In fact, however, the evidence tells a very different story: the tax cuts have not paid for themselves, recent economic growth and revenue growth have not been particularly strong, and revenues remain lower than had been predicted before the tax cuts were enacted...
continued here: http://www.cbpp.org/3-8-06tax.htm
 

Kandahar

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I agree completely. As long as government spending continues to rise, taxes will continue to rise. Eventually a day of reckoning will come when Americans will have to pay for the massive spending increases Bush has signed on to...unfortunately he'll be long gone by then and won't be held accountable.

We need a balanced budget amendment, and we need to drastically reduce spending.
 
F

FallingPianos

Kandahar said:
Eventually a day of reckoning will come when Americans will have to pay for the massive spending increases Bush has signed on to...unfortunately he'll be long gone by then and won't be held accountable.
yes, they will blame whoever is in office for raising taxes, even if its just to pay back money that a previous administration borrowed.

Q. what do you do when you dont have enough money to pay back the people you owe?

A. borrow more money! :doh



Kandahar said:
We need a balanced budget amendment, and we need to drastically reduce spending.
yes, yes we do.
 
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