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How, exactly, is the Bush tax plan working?

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NJforever
COL Gene
Join Date 09/2004
0
Reply #76 February 28, 2005 9:29:44 AM
from JoeUser ForumsJoeUser Forums
Progressive USA

You are correct about the health care situation in this country. George Bush talks about the crisis in Social Security. There is a far greater and more imminent problem with both Medicare and Medicaid then Social Security. His approach to Medicare has been to make it worse with the Prescription drug benefit which has no funding. His approach to Medicaid is to cut funding for the states and simply transfer the problem from his budget to the state budgets.
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NJforever
T B
Join Date 10/2004
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Reply #77 February 28, 2005 11:42:19 AM
from PoliticalMachine ForumsPoliticalMachine Forums
Incorrect. Using the yardstick you like (% of GDP), GWB's tax cuts put most of the hole in the deficit.

Per TB's source (Link), Clinton's budget receipts typically ran 19 - 20% of GDP. under GWB overall receipts dropped from 19.8 of GDP in 2001 to 16.3 percent in 2004. Six-sevenths (or ~85%) of that drop came from a drop in individual income tax receipts -- from 9.9% of GDP in 2001 to 7.0% in 2004.


I would say that's a reasonable assertion. A 4% hit in receipts is approximately the deficit number. However, what is apparently missed in these numbers is the income tax receipts (Clinton era) were TOO HIGH, in fact, as mentioned in post #54, they were RECORD high. As a % of GDP income tax receipts have commonly been 7 - 8%. Is 7 % on the low end? yes (doesn't bother me, as far as I'm concerned the FEDS get too much).

The results are hard to debate though. Growth of GDP had dropped to 3.6% from '00 to '01 and Clinton's last budget had dropped further to 3.3% ('01 to '02). In '03 - '04, when the tax receipts were back to a more reasonable number, the GDP growth shot back up to 6.6%. This is why they cut taxes in a recession.

And Sen Kerry proposed rolling back part of GWB's tax cut -- not all of it.

Look, I agree medical costs in the US are out of control. But it's just as broken in the private sector as in the federal budget. And, if anything, the ($400B, now $540B, now $725B) prescription drug bill demonstrates that the GOP -- today -- is the party of big govt special interest giveaways.


In my eyes, Kerry wasn't believable based on his past performance and his personal performance (I've reviewed some of his tax returns). Additionally (and this was my BIGGEST problem with Kerry), his health proposal increased Medicaid roles by 70% (22 million as indicated in the Lewin Group report which was the middle estimation of 3 reports by various groups). Adding that number to an already broke program looked like disaster to me and a pretty big giveaway.

I like the idea of the prescription program, but not the price tag. I have Senior clients that were spending more on prescriptions than their mortgages, that's a sad situation. GW (and his Father), as far as I'm concerned, are what we used to call Rockefeller Republicans (socially liberal and internationally conservative). But, since when do liberals complain about big price tag social programs?

I supported Bush in the election because I agree with his policies about 60 -65% of time (his tax policy is almost right on as evidenced by the 6.6% GDP growth), Kerry almost never. I have complaints about GW, but the alternative, at least in my eyes, was far worse. The candidates I can usually REALLY get behind, never make it out of the primaries.

George Bush talks about the crisis in Social Security


If he wants to take on this ponzi scheme, more power to him. SS returns about 1.5% on your money, pretty pathetic. I can get 6-8% in a fixed no risk account tomorrow (unlike what the Dem talking heads would have you believe with their "Gambling with Americas future" BS). I'll take that trade any day, thank you.
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NJforever
sandy2
Join Date 08/2004
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Reply #78 February 28, 2005 8:21:16 PM
from JoeUser ForumsJoeUser Forums
My plan for American budget:

Pass new legislation. All additional non capital expenses need to be fully funded from the approval of the budget.

Immediately end Bush tax cuts, and reassess taxes for the years his tax cut has been in effect. Charge people appropriate amount.

End all loopholes. New loopholes can be made, but must be approved on an individual basis (as their own piece of legislation).

Raise retirement age.
Make social security behave the way it was meant: as insurance. People earning more than x amount of dollars (I don't know where to cut it off, but if you are wealthy you make more than x dollars) from any source of income at an eligible age, you are not eligible to receive benefits.

Pay off the debt with a 3% sales tax.

Cut 300$ billion dollars in expenses, I don't care from where. It can be done, it will just hurt, and we only need to cut it for 10-20 years. After that, we will be saving enough in interest payments to reinstate the expenses. Alternatively, raise taxes to collect that much. Either way, pay off the debt in 10-25 years.
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NJforever
sandy2
Join Date 08/2004
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Reply #79 February 28, 2005 8:29:44 PM
from JoeUser ForumsJoeUser Forums
My plan for American budget:

Pass new legislation. All additional non capital expenses need to be fully funded from the approval of the budget.

Immediately end Bush tax cuts, and reassess taxes for the years his tax cut has been in effect. Charge people appropriate amount.

End all loopholes. New loopholes can be made, but must be approved on an individual basis (as their own piece of legislation).

Raise retirement age.
Make social security behave the way it was meant: as insurance. People earning more than x amount of dollars (I don't know where to cut it off, but if you are wealthy you make more than x dollars) from any source of income at an eligible age, you are not eligible to receive benefits.

Pay off the debt with a 3% sales tax.

Cut 300$ billion dollars in expenses, I don't care from where. It can be done, it will just hurt, and we only need to cut it for 10-20 years. After that, we will be saving enough in interest payments to reinstate the expenses. Alternatively, raise taxes to collect that much. Either way, pay off the debt in 10-25 years.
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NJforever
COL Gene
Join Date 09/2004
0
Reply #80 March 1, 2005 10:01:05 AM
from JoeUser ForumsJoeUser Forums
Sandy2

Many of the things ypu suggest would help reduce the deficit and begin repaying the national debt. However, all of them are off the Bush Table!
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