Taxes have been cut (for the rich) for the past seven years. The economy is in the toilet. What does this do?

Question

...to the argument that the Right has been bleating for years? That "tax cuts" are good for the economy?

So now can we put this big fat propaganda lie to bed? Along with that big fat propaganda lie "Democrats tax and spend" since we have seen EIGHT LONG YEARS of borrow/spend/borrow/spend/borrow/spend??

I think it's time Democrats start actually pointing out blatant LIES of the Republicans instead of just rolling our eyes in disgust.

TAX CUTS DO NOT STIMULATE THE ECONOMY.

Answer 1

Blame those left-wing liberal enviromental extremists  who forbid oil drilling in this country and force us to import 14 million barrel oil every day around the world. If we had started drilling 10 years ago, we would never have today's mess.

In addition to the oil issue, here are a few more realities to share with our fellow Americans:

a)  Tax stimulus package does not stimulate American economy but the economies in China, India, Brazil and those oil producing nations because most of the tax refund checkes are spent on the imported goods produced in those foreign nations but in America because we have lost our competition gradually to those countries.

b)   Falling home price and home foreclosure have greatly eliminated American's cash machine , the equity loan that is used to keep American economy going.

c)   Because of slow  to nothing economy growth, huge national deficit, huge trade deficit, low productivity, ... US dollar gets weaker and weaker. In return, American has to pay much higher price to buy everything that we import and it lowers significant our living standard.

d)   Because of our corrupted government, we really do not see any positive energy in our system. Here are a few examples for us to think about: 1)  our nation has 40% high school dropout rate; 2) 30% of our US army are high school dropouts; 3) 1% of our population are criminals that are locked in prisons; 4)  every American has $7000 credit card debt; 5) as a great nation, we owe the third world China one trillion dollars in the form of US treasury bonds; 6) American big companies can not find qualified, educated engineers to hire, as a result they have to outsource those highly paid jobs to India, China, Mexico, ...

    The list can go on and on. All those have contributed into out today's poor economy, which will get worse and worse because we do not see any sign of change in the horizon from any direction. Like the father, like the son, like Uncle Sam, like its children,  we are continuing spending the money that we do not have by charging all the expense to foreign debts, to our credit cards, home equity loan, ....

One more thing:

     Tax cut for the majority of American does not contribute  to the American prosperity.  Taxing the rich and hard working American people will not save the future of this country. When it reaches certain untorelable limits, the rich and hardworking people will leave this country for better places and will leave the rest behind them.

Answer 2

First of all, tax cuts were only passed once, not continuously. Those tax cuts helped pull us out of a recession caused by 9/11 and produced 7 straight years of 3% growth or more.

[Edit] Ok, I was wrong, they were cut twice. Once in 2001 and once in 2003.

Second, the economy is not in the toilet. It has slowed down to less than 1% growth, but it IS still growing. We are not in a recession.

You should at least know the facts before you start spouting off your childish rants.

Answer 3

Tax cuts for the middle class help the economy buy increasing consumer spending (which is 2/3 of the economy)

Tax cuts for the rich do little and increase the national debt causing the falling dollar, raising gas and food prices.

Bush's tax cuts were for the rich so they hurt the economy.

Bush's tax cuts were spread as follows (includes income, capital gains and estate taxes)

Poorest 20% got $66 back (1.2% of their tax burden)

Next poorest 20% got $375 (6.6%)

Middle 20% got $600 (10%)

Upper 20% got $1026 (18%)

Richest 5% got $53,123 (29%)

Answer 4

We have been pointing them out...for the past 8 years, I know I have been...but the delusional continue to be just that...

Answer 5

Tax cuts to corporations do not trickle down to the hands of their employees.  They go in the obnoxious bonus checks of the company bigwigs.  Just making the rich richer and not helping the middle class who are suffering the effects of a lousy economy.  No offense to the Republicans, but this strategy sucks and doesn't work at all.  It didn't boost the economy when it happened and now you see the long term effect of it -- which obviously isn't so wonderful.

Answer 6

One word.  Reagonomics.

His tax cuts brought the US out of the worst economic downturn since the great depression.

So, what is the solution?  Tax all those "rich people" and distribute it to people like you?  Does the gov't really need anymore money from the taxpayers?  They certainly aren't good at handling it.

Which cuts for 7 years are you referring?  I only remember the one listed by the previous answerer.

The poor pay very little taxes.  How do you cut taxes to those who aren't paying any?  My parents are low income and paid very little income tax.