Friday, September 24, 2010

Tax Expert David Cay Johnston: The Bush Cuts Explained

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All the Bush policies failed. The narrow group at the very top won. The rest of us, we all failed. The results were awful.

The two rounds of tax cuts in 2001 and 2003, including tax cuts in capital gains and dividends, slowed the economy so much that Americans made $1 trillion less income with the cuts then if income stayed at Clinton levels in 2000. [And you wonder why we had a housing bubble]

So why the debate? Johnston points out a mega-rich group determined to use Washington, through private meetings and contributions, called the POLITICAL DONOR CLASS. Remember that term. They are willing to distort the truth for personal gain, and pass the expense on to the rest of us.

They may be rich, but they're morally bankrupt.

Posted via email from liberalsarecool.com

3 comments:

Anonymous said...

Go to www.tax,com to see the column on which the Countdown report was based.

Anonymous said...

Wow, this is awesome!

Who knew that if you pay more taxes to the government you will have more income!

If that's the case, I am hoping that the government raises my tax rate to 100% so I can be rich!

Thank You Tax Expert David Cay Johnston!

Douglas Vicenzi said...

The second comment. You're an idiot. Taxes max out at 36%. They will go back to 39% on income over $250,000 to which I'm sure you have none.

Good thing you carry water for people who are robbing you blind. I'm sure your 401K and home value looks great after Bush.