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Author: elixe Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1960435  
Subject: Who paid for Bush era tax cuts? Date: 12/31/2012 2:03 PM
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A case can be made that OASDI Payroll taxes on working poor and middle class helped pay for the tax cuts of the wealthy.

Over the years the 2.7 trillion in current OASDI trust funds were transferred to the General Fund to be used for non entitlement purposes. The wealthy were exempt from FICA taxes on income in excess of about $100 thousand, while those with less then $100 thousand income were taxed regardless whether it was taxable or not. (A rate of 4.2% last year, 6.2% prior to the Tax Relief Act).

So even if a poor worker had zero taxable income, he still was taxed on earnings.

(Note that the Trust Fund consists of Government Bonds that are backed by the Full Faith and Credit of the U.S. Government).

Now the wealthy want to reduce SS benefits to resolve a future problem that might occur after 2021. (When the trust fund is projected to begin running out, outgo exceeds income).

Perhaps a way to solve the current financial quandary is to increase the tax rate an additional 4.2% on all earnings in excess of $100,000 regardless of amount?

Seems like a fair way to me to resolve the issue of the poor and middle class paying for the Bush era tax cuts.
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Author: TheDope1 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1849955 of 1960435
Subject: Re: Who paid for Bush era tax cuts? Date: 12/31/2012 2:16 PM
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No. Your problem is with Congress spending too much on the discretionary side. Why should other citizens pay the price for that?

The public voted for bloated entitlement programs and more government in their lives. The public - all of us - get to suck it up and start paying for it all. Or do the rational thing and cut government spending.

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Author: goofnoff Big funky green star, 20000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1849967 of 1960435
Subject: Re: Who paid for Bush era tax cuts? Date: 12/31/2012 2:31 PM
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Excellent post elixe.

There will be a number of morons who try to discredit it. Don't worry about it. They've been saying SS can't survive for 70 years.

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Author: jerryab Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1849985 of 1960435
Subject: Re: Who paid for Bush era tax cuts? Date: 12/31/2012 3:22 PM
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No. Your problem is with Congress spending too much on the discretionary side. Why should other citizens pay the price for that?

Still haven't learned your economics lesson yet, eh?

The problem was caused by the failure of the GWB tax cuts. They were claimed to create a booming economy, more jobs, and more tax revenue--which means a significantly higher GDP. They failed to do anything they were supposed to do.

GDP not only failed to grow--it massively contracted under GWB.

GDP today is *at least* $3T to $6T below where it should be due to *yet another* failure of conservative economic and tax policy.

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Author: NemesisToLibs Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1850002 of 1960435
Subject: Re: Who paid for Bush era tax cuts? Date: 12/31/2012 5:03 PM
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"The problem was caused by the failure of the GWB tax cuts. "

Ignorantly or stupidly wrong...you tell me

"GDP not only failed to grow--it massively contracted under GWB.
"

WTF cares. Healthy economies will contract on a semi-regular basis.

'GDP today is *at least* $3T to $6T below where it should be due to *yet another* failure of conservative economic and tax policy.
'

Now you MUS. You love to spin these fairy tales don't you?

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Author: 99lashes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1850013 of 1960435
Subject: Re: Who paid for Bush era tax cuts? Date: 12/31/2012 5:22 PM
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Tell me oh wise one, just who benefited financially the most from those tax cuts all these years,...Obama's rich 2% or the other 98%.

Hint: read the CBO numbers before you step in it.

Those who benefited most should now be paying.

99

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Author: NemesisToLibs Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1850018 of 1960435
Subject: Re: Who paid for Bush era tax cuts? Date: 12/31/2012 5:27 PM
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"Tell me oh wise one, just who benefited financially the most from those tax cuts all these years,...Obama's rich 2% or the other 98%.
"

What's really astounding to me is that the same libs, who are cheering Obama on to maintain the tax cuts for the so-called 98%, are the same ones who have told us repeatedly that the Bush tax cuts Only benefitted the wealthy.


A bunch of disingenuous.....

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Author: alstroemeria Big gold star, 5000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1850082 of 1960435
Subject: Re: Who paid for Bush era tax cuts? Date: 12/31/2012 10:41 PM
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What's really astounding to me is that the same libs, who are cheering Obama on to maintain the tax cuts for the so-called 98%, are the same ones who have told us repeatedly that the Bush tax cuts Only benefitted the wealthy.


MOSTLY benefited the wealthy...14% tax rate for the Romneys & Kerrys? I rest my case.

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Author: lowstudent Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1850112 of 1960435
Subject: Re: Who paid for Bush era tax cuts? Date: 1/1/2013 7:53 AM
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What's really astounding to me is that the same libs, who are cheering Obama on to maintain the tax cuts for the so-called 98%, are the same ones who have told us repeatedly that the Bush tax cuts Only benefitted the wealthy.


A bunch of disingenuous.....
_______________________________

Indeed they are. If yu pay attention and stop them from attacking by demanding they try to defend their positions, you will see on the rare occasion they do defense. They step all over their own positions, they are all dishonesty and change of direction

Whether it be the above, backing Bush until it was expedient then attacking him for years over what they backed and their President said was need, to things like in an above thread crying aloud at gas tax going up and the poor being hurt, with a President that believe the price of gas MUST go up for the good of the nation -- to keeping the policies they have harangued with the Patriot Act etc

The are not good people in the pack they travel in.

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Author: FoolishVintner Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1850134 of 1960435
Subject: Re: Who paid for Bush era tax cuts? Date: 1/1/2013 11:39 AM
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What's really astounding to me is that the same libs, who are cheering Obama on to maintain the tax cuts for the so-called 98%, are the same ones who have told us repeatedly that the Bush tax cuts Only benefitted the wealthy.

The didn't *only* benefit the wealthy. The middle class benefitted by an extremely modest amount. To be completely accurate, the Bush tax cuts benefitted the wealthy *extremely* disproportionately.

But then again, we are the same ones who have told you that repeatedly, and you still trot out this dimwitted straw man.

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Author: NemesisToLibs Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1850138 of 1960435
Subject: Re: Who paid for Bush era tax cuts? Date: 1/1/2013 12:08 PM
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"The didn't *only* benefit the wealthy. The middle class benefitted by an extremely modest amount. To be completely accurate, the Bush tax cuts benefitted the wealthy *extremely* disproportionately.
"


LOL

"extremely modest amount" that according to Obama could cause a new recession if their tax increases to pre-Bush tax rates.

Actually as a percentage of tax savings, the middle class made out fare better.

You can't have your cake and eat it too.

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Author: alchook Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1850167 of 1960435
Subject: Re: Who paid for Bush era tax cuts? Date: 1/1/2013 1:48 PM
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You can't have your cake and eat it too.

Sure you can.

What you can't do is eat your cake and have it too.

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Author: jerryab Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1850223 of 1960435
Subject: Re: Who paid for Bush era tax cuts? Date: 1/1/2013 6:25 PM
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"The problem was caused by the failure of the GWB tax cuts. "

Ignorantly or stupidly wrong...you tell me


Stupidly ignorant--yet conservatives swallowed it hook, line, and sinker. Not once, but twice.

"GDP not only failed to grow--it massively contracted under GWB."

WTF cares. Healthy economies will contract on a semi-regular basis.


It is why Obama won--twice.

Healthy economies will have modest contractions--which happened in 1991-92 and again in 2001. Yet the contraction starting in 2007 was a massive depression, not just a short contraction. The change in scale was caused by conservatives' failure to properly manage govt and properly regulate the private sector economy.

GDP today is *at least* $3T to $6T below where it should be due to *yet another* failure of conservative economic and tax policy.

Now you MUS. You love to spin these fairy tales don't you?


Gee, you don't like *arithmetic* being thrown at you time and time again. ROFLMAO !!! Economics is arithmetic on steroids--and conservatives can not do the arithmetic.

GWB was the one who claimed all those jobs would be created--or are you (and all other conservatives) now claiming all those would NOT be created, so you voted TWICE for a candidate who *intended* to eliminate many US jobs, reduce GDP, cut revenues, and create massive deficits?

Other than by creating a big boost in GDP through significant job creation over many years, how else would so many *more* people move into the middle class, be able to buy homes, send kids to college, AND pay off the US National Debt by the end of 2010?

Oh, it didn't happen. Yet the only way it *could* happen is for the US economy to have been much higher in terms of GDP--because that *would* enable everything to be paid. That is arithmetic.

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Author: 99lashes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1850229 of 1960435
Subject: Re: Who paid for Bush era tax cuts? Date: 1/1/2013 7:00 PM
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There are a number of things - that was just an example. It is a far shorter list than Bush's, though.

Your case isn't rested, it is asleep!

If the tax revenue recapture for removing the Bush tax cuts as calculated by the CBO is 42 billion from Obama's wealthy and 288 billlion for the rest, for a total of 330 billion, then the non-wealthy got most of the benefits and for many, many years.

99

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Author: FoolishVintner Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1850937 of 1960435
Subject: Re: Who paid for Bush era tax cuts? Date: 1/4/2013 3:50 PM
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Actually as a percentage of tax savings, the middle class made out fare better.

lol. "As a percentage of tax savings." Did you think that would fly? As a percentage of *their income,* the middle class profited very little from the Bush tax cuts. The wealthy benefitted disproportionately, and if you don't realize that you don't realize much at all.

You can't have your cake and eat it too

Actually, you can. And it works much better that way, when you actually *pay* for your cake before you eat it.

You right wingers have been rationalizing borrow-and-send economics for so many decades it's even seeping into your pithy anecdotes.

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