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Tax cuts, spending, debt

August 11, 2013

When Andrew Mellon became treasury secretary in 1921, he asked Congress to cut tax rates to encourage investors to take their money out of tax shelters and invest it in the private economy to promot......

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(13)

mikekerstetter

Aug-11-13 5:51 PM

Capricorn1-"What policies are you referring to and why don't they work? A little clarification goes a long way to supporting the point you are trying to make. Otherwise you're just coming across as "I'm right and you're wrong"."

Get used to it. Chuck can't provide facts or even produce a good argument. He only throws barbs at the opposition. His response to this will be something along the lines of "you don't either".

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gavinf56

Aug-11-13 5:16 PM

Yes it did.

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Scott36

Aug-11-13 4:22 PM

capricorn1, did those numbers include the cost of the wars?

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Capricorn1

Aug-11-13 12:43 PM

"After President Bush in late May 2003 signed the largest tax cut since President Reagan — including dropping the top marginal rate to 35% from 39.6% — government receipts from individual income taxes rose from $793.7 billion to a peak of $1.16 trillion in 2007, when the mortgage crisis began, a 47% jump.

Stronger economic growth expanded the tax base and brought in so much revenue that Bush more than halved the deficit over that period. The budget gap plunged to $160.7 billion from $377.6 billion.

The post-tax-cut surge in economic growth and tax revenues helped drive down the deficit from 3.5% of gross domestic product in 2004 to 2.6% in 2005, to 1.9% in 2006 and to a manageable 1.2% in 2007."

And by the way, this is data taken from the 2012 Economic Report of the President, published by the Council of Economic Advisers.

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Capricorn1

Aug-11-13 12:28 PM

"I see the right still don't get it at all. Their policies don't work." -Reeder

What policies are you referring to and why don't they work? A little clarification goes a long way to supporting the point you are trying to make. Otherwise you're just coming across as "I'm right and you're wrong".

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Premier

Aug-11-13 10:44 AM

I came back to comment but Gavin stole my thoughts....you thief.

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gavinf56

Aug-11-13 9:15 AM

Just a few facts Mr. Faust seems to want to overlook.

During the tax breaks of the 1920's, nearly every taxpayer in the country still paid at least some tax, unlike today where nearly 47% of the taxpayers pay no tax. The deductions then were limited to primarily personal deductions. There were no mortgage deductions, green energy deductions, untaxable ss income, ad nausea.

Gov't spending as a % of GDP was far lower. Medicare/Medicaid didn't exist. Food stamps/welfare didn't exist. Many of the social programs that Mr. Faust staunchly supports did not exist during the 1920's.

Something tells me Mr. Faust doesn't really want to go back to the policies of the 1920's.

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CMReeder

Aug-11-13 9:03 AM

I see the right still don't get it at all. Their policies don't work.

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Premier

Aug-11-13 8:41 AM

Anyone notice how he hesitated after "the government has the right" to be so nice as to include "the people" also?

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Premier

Aug-11-13 8:06 AM

The answer to this is simple as the following quote proves.

“The bottom line is we’re not broke, there’s plenty of money, it’s just the government doesn’t have it,” said Rep. Keith Ellison (D-Minn.), “The government has a right, the government and the people of the United States have a right to run the programs of the United States. Health, welfare, housing – all these things.”

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ToTEXASfromPA

Aug-11-13 7:55 AM

"Interestingly, The Great Depression and The Great Recession both occurred when low top tax rates helped to create a wide gap between the rich and the poor."

++

You need to get your cause and effects right.

Both the Great Depression and Great Recession were caused by a handful of interactive complex events that contributed to the problem. If I can simplify, they were proceeded by relaxation of the money supply and lending practices, there were defaults leading to fear and lack of trust in the monetary system, people stopped spending, businesses suffered and people lost jobs.

If our president would have used the TARP money for truly "shovel ready jobs" to rebuild infrastructure and kick start the economy, the recovery would have happened faster. Instead, he used it to pay off his campaign supporter and funneled contracts and wasteful spending to unproven technologies like Solyndra.

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VinceKnauff

Aug-11-13 7:50 AM

Why did tax cuts that seemed to work so well in the 1920s fail to work in the 1980s.......

Because Reagan was saddled with a Democrat congress that spent money like Democrats? Those tax cuts were tied to a promise to cut the growth of spending that never happened.

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mikekerstetter

Aug-11-13 7:04 AM

David,

Will Obama and your ilk ever realize that you can't expect the top 2% to pay the bill for the rest of America?

Tax reform is a must. Not your idea of tax reform, but one that simplifies the tax code, get's rid of tax breaks, credits and loopholes for everyone, and has everyone paying their share of the load.

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