Bush Plans New Tax Cut for Election Year

[goobergunch]

October 22, 2003
The Bush administration, unfazed by aggressive Democratic opposition, is working on its fourth consecutive tax cut plan, which will be unveiled during next year’s presidential election campaign, according to sources close to the White House.

more...http://www.rollcall.com/pub/49_41/news/3277-1.html (subscription :grr: )

[w13rd0]

1. And why not?

When something doesn't work the first, second or third time, the obvious solution is to TRY IT AGAIN! Or maybe we're just looting while 'freedom is contagious and unruly'...

[bicentennial_baby]

2. Isn't that the definition of insanity?

To try something over and over, expecting different results? :crazy:

[_NorCal_D_]

66. Let's take a look..

www.m-w.com


One entry found for insanity.

Main Entry: in·san·i·ty
Pronunciation: in-'sa-n&-tE
Function: noun
Inflected Form(s): plural -ties
Date: 1590
1 a : a deranged state of the mind usually occurring as a specific disorder (as schizophrenia) and usually excluding such states as mental retardation, psychoneurosis, and various character disorders b : a mental disorder
2 : such unsoundness of mind or lack of understanding as prevents one from having the mental capacity required by law to enter into a particular relationship, status, or transaction or as removes one from criminal or civil responsibility
3 a : extreme folly or unreasonableness b : something utterly foolish or unreasonable


I would say that this describes Bush and his tax cuts very well. B-)

[shockingelk]

10. Einstein

"Insanity: doing the same thing over and over again and expecting different results."
-Albert Einstein

[Mountainman]

22. It works for Bush supporters

In 2000 I asked a friend of mind why he was going to vote for Bush. The guy lived off his investments but was left of center politically. He agreed Bush was not fit to be President but he wanted the tax cut.

[aquart]

28. So has he noticed how every other tax has risen?

And how ARE those investments these days?

[Mountainman]

51. I haven't talked to him lately.

He was hoping for capital gains tax cut and no tax on dividend income.

[La_Serpiente]

3. I S HE FRICKING CRAZY!!!????!!!

WHAT THE HELL IS HE THINKING? It better not be another Tax Cut for the Rich. I am serious, this is NOT good long term financial planning. At this rate, Bush will have a flat tax by his second term.

However, it does give a good option to Democrats. They could show to the American People how much of a fraud all the other tax cuts were and how most of them are going to the rich.

[dusty64]

6. Don't bet on it, that would

be "class warfare" and our Democratic leadership doesn't want to go there. Forget about the fact that the war has been declared upon the working and middleclass by fatcat corporations and their superwealthy politicians. This doesn't surprise me at all, the sheeple will be dazzled by the extra change in their paychecks. They are easily distracted and fooled.

[Nashyra]

48. They need to point out every single rate increase

on local services, healthcare, local taxes, cuts in police services etc. Make a point that everyone of these increases are do to "trickle down loss of revenue"

[demnan]

4. But of course

He's got to give the millionares more incentive to donate to his campaign.

[nostamj]

14. republicans don't "donate" to campaigns!

they INVEST. and with BushCo, they always get a good return...

there's class warfare going on, but it's the .01% with the billions against the rest.

[mikehiggins]

5. Impossible

That is just crazy. Even if the economy does as well as the right wing empty suits on MSNBC claim, the general population are not going to buy more tax cuts in the face of the biggest deficits in US history. That is just insane.

I can't beleive his handlers will let Bozo float this one.

[MaineDem]

7. This may be the one thing that makes my head explode

Record deficits...REALLY BIG RECORD DEFICITS...and he still wants tax cuts?

But the White House said the deficit was good news. Give me strength!

[gWbush is Mabus]

8. if he is a 1 term prez...

he may as well loot the WHOLE treasury

[prolesunited]

9. And why the heck not?!?!

They haven't finished bankrupting the federal government, which is their ultimate goal. Put all of the treasury into the hands of the rich and their corporate buddies. Then, suddenly, there will be no more pesky social programs like Social Security, Medicare, public education, housing, etc.

They want to take us back to the day of the robber barons and the oligarchy. You're either rich or you're poor. And if you're poor, you can die in the street for all they care. After all, if God really loved you, you would be rich.

They are not stupid or inept. THIS IS ALL GOING ACCORDING TO PLAN!

WASHINGTON - The U.S. budget deficit hit a record $374.2 billion US in fiscal 2003, the U.S. Treasury Department said Monday. The war in Iraq was one reason for the huge shortfall. But the general economic slowdown south of the border and a new round of tax cuts also played a role.

The new deficit figure is more than double the $157.8 billion US deficit the country recorded in fiscal 2002, and breaks the previous record deficit of $290 billion US, established in 1992 during the administration of George H.W. Bush.

The current Bush administration had estimated in the summer that the red ink could top $455 billion US this year, so the Treasury numbers represent an improvement over that. Officials said recent belt-tightening and higher-than-expected tax revenues have helped. Still the Office of Management and Budget estimates that the 2004 budget deficit will be even higher, topping out at $500 billion US.
http://www.cbc.ca/stories/2003/10/20/usbudget201003

[Maeve]

11. One-trick pony

And shame on the congresscritters who let him get away with it!

[progressiverealist]

29. no, he's a TWO trick pony...

tax cuts and WAR.

You forgot that he can do war, also.

[snippy]

12. Just more red meat for the Tax Cut Monkeys.

Tax Cut Monkeys pound the table and fling feces at everything while demanding a tax cut. They then gleefully assist in the rape of their children and grandchildren provided they are told that they are getting a tax cut. Grover Norquist is the Alpha Tax Cut Monkey but Stephen Moore is a close second. A significant part of the republican base are Tax Cut Monkeys.

[Fovea]

20. The Grover is going down

Because he backed the PNAC group in their little coup d'etat.
And the coup is failing, partially because not all republicans have the balls or desire to take the next goose step along with Ashcroft's brownshirts.

There was also s'posed to be a point where Rove got to stop the
spin machine's defensive spinning, and concentrate again on the offensive 'peace for oil' program. That won't happen now unless some big ass WMD get popped in the USA. Preferably by the Saudis.

So now the PNAC boyz are left hanging, without justice being able to deliver on social control, like they promised. Seems there were more libertarians on the right than they thought, and the center started getting more afraid of John than Osama/Saddam. The left is noisily sharpening knives, and smiling enigmatically.

Cheney was supposed to have the intel under control, and does not, or we would have already 'found' WMD in Iraq. L'Affaire Plame has really set the whole intel community against Bush, they bent over and took it for him once over 911, they were not in a mood to do it again, and then the WH outed Plame to threaten Wilson. The PNAC boys in a moment of monumental ego took on State, and the CIA in one stroke.

Rummy was supposed to have Iraq and Afghanistan Stablilized, and Powell was to keep the UN in line. They have both failed miserably.
Alienating the Pentagon and the U.N. with the same gusto that Cheney and Rove have pissed off the CIA. Apperently the only one who is getting the job done is Rice, because she is not in the news.

It is an open secret that the world regards the US/British axis as a threat to world peace. What Rove is no longer able to hide is the fact that the rest of the world is mobilizing to do to us what we did to the Soviet Union-- make us spend our way into oblivion. Bush, because it makes his handlers happy, is a conspiritor to the plot to drown the American Government/Economy in the bathtub. Of course, in the process he and his will get rich as Crassus.

When you are that arrogant and aggressive, people tend to, well... bushwhack you...they eschew direct confrontation, but sniple from the flanks. Our flank, in case no one is paying attention, is the economy.
An additional tax break for the rich is a bridge too far for America. BAD THINGS(tm) will happen, such as the loss of ALL foreign investment in our economy, out of fear of a crash, which will of course deepen the crash. Grover's boyz do not want a crash. Because they remember the last crash, and what came from it.

Grover does not actually want Bush to drown the government in the bathtub, me merely wants it to stay weak enough that it will not fight back when he molests it. Bush will succeed in doing what Grover does not want. Why? Because the Bush administration is full of whores. In our great white father's brothel, there are many johns.

I do not believe that Bush's vast league of enemies (and by no means are the majority of these Democrats) will allow him to sink it much farther before he is impeached, and many of of his followers fall hard from a high place. I wonder if DeLay will be smart enough to save himself by turning on the administration. DeLay is trying to hold the line on Westar, and cannot take it on the chin for the Party, or anyone else.

The whole pantheon against Bush are in rising right now, at the point of greatest infighting among the admin. Politically, George is a dead man walking, and Arnold did not help the admin's popularity any with the true believers. Like the Kata Strophe in a Greek tragedy, hubris has reached the point where the Gods avenge themselves on the Protagonist. Generally, it is greater than the offense, so I would not hang around Dubya without wearing rubber overshoes, even indoors.



Oh, it will look like an accident, but Grover is on Zeus's list too.

[mrsteve]

26. Lovely rant - with some very good points

The idea that the current crooks in charge will not let the US government go nearly bankrupt (as Grover and Co. want) because that would impair their own looting is an interesting assessment that makes a lot of sense in a weasely crooked kind of way.

"In our great white father's brothel, there are many johns." Bwahahahaha! I love it!

[Tom Yossarian Joad]

30. I agree with MrSteve... Great rant/writing!

Well said with good logic.

[The Magistrate]

31. Well Said, Mr. Politik

"LET'S GO GET THOSE BUSH BASTARDS!"

[FlemingsGhost]

45. One of the all-time best posts, ever.

Efficient. Insightful. Poetic.

Kudos, realpolitik.
If you never post again, you have done this forum a great service.

[Zhade]

46. AMAZING POST.

This is an extraordinary chain of insight. I am seriously impressed - it's dead on.

{Edit: spelling}

[MissMarple]

49. So, ... in a crowd or demonstration, or ... I'll be right behind YOU,

because you speak so well. Actually, maybe a little closer.

And, I like how you star is oriented. That's a good thing.

[VolcanoJen]

55. In the wee hours of the morning, I came across this excellent post.

I just had to say thank you, realpolitik. Amazing work. One for my bookmark.

:-)
Jennifer

[Ripley]

61. Nice. But you're dreaming.

Bush is not going down. Sheesh, how many times do we hear this on DU? He makes Reagan's Teflon look like velcro. He will never be impeached. No one is rising up against him. The media has not turned on him. Money is in control and no one seems to mind.

We are a long way off from the next big depression. As long as it doesn't occur in the next 12 months, Smirk will get a pass on all things crap..economy/Iraq/USA's image.

[bpilgrim]

69. wow - mirrored at GFP

excellant summary :toast:

http://new.globalfreepress.com/article.pl?sid=03/10/23/0813233

peace

[Selwynn]

70. Nice post - really nice post!

[Ripley]

13. A financial advisor I know says the economic stimulus is working.

He loves to beam about how the economy has turned around (markets, especially the Nasdaq) and how people need to keep their money in stocks. When I asked him how the economy could be doing so well but those big companies aren't rehiring all of those laid off, he gave the craziest answer of all:

"America has always been the country of innovation. We invent things and let other countries manufacture them."

So, in a nutshell the GOP doesn't EXPECT or CARE that we will never recover good manufacturing jobs for the middle class. Afterall, there's always a new Wal-Mart going up in some neighborhood. Get a job you lazy ass laid off engineer!!

I hate to say this, but it gave me a little satisfaction that I sensed a bit of desperation in this man. Because he knows just as well as I do that people are NOT back to trusting stocks and corporations because nothing has changed...Kenny Boy is not in prison. He's probably lost a hell of a lot of business in the last 3 years and has had to become a pathetic used-car salesman for Smirk in order to try to maintain his comfy lifestyle.

They throw crumbs at the masses while the wealthy eat 5-star banquets daily and it's been working for awhile. Average Americans are being trained to have lower expectations. College? Fancy car? Exotic vacation? No, wait...job with benefits? NO. People just start getting used to the fact that "things ain't what they used to be."

[snippy]

18. He is right, but the future is much less certain.

The economy has improved but no one knows whether it is sustainable.

The improvement in the economy so far has been the result of incredible government stimulus of a size and scope never seen before. That stimulus includes near record low short term interest rates set by the Fed, 40 or 50 year low longer term interest rates influenced by the Fed, a huge increase in the money supply of well over $400 billion since the first of the year, record deficit spending by the federal government this year and next, a decline in the dollar of around 20%, and the Bush tax cuts.

There never has been such a large combination and large magnitude of stimulus before. None of this stimulus can be repeated and most can not be sustained for too many more months. Bush is hoping that it will last long enough for him to win in 2004, and it might.

The annuallized rate of GDP growth in the third quarter probably was well over 6%. In the fourth quarter of this year and the first quarter of next year it is likely to be at least 3%. In the second quarter of next year people will receive larger tax refunds because of the tax cut, so growth may be even better then. However, these growth rates will not be high enough to create many net new jobs so unemployment likely will decline only 3 or 4 tenths of a percent. Underemployment may actually increase.

[aquart]

50. Would you buy a stock from these thieves? A mutual fund?

Would you buy a Treasury and trust it not to default?

No law applies to these thieves, therefore no law protects us.

Anarchy is actually here.

[snippy]

59. I would never buy a mutual fund from anyone, unless that was the only

way to get a significant matching contribution from an employer.

[Fovea]

21. your friend is wrong.

Always is a lot longer than the last internet fueled boom.
The things that might revitalize our society mostly involve traditional industrial jobs. We also need a new energy pardigm in the worst way and transportation as well.

Because we do not spend enough to educate our children, we are already fallen behind in innovation on almost all disciplines. We would probably have to quadruple our investment in education to reverse the trend.

The decay of services is also apperent. We have outsourced so much that the economy cannot generate certain sorts of new jobs, when demand goes up, it only means more jobs are created elsewhere. Only health care is exempt, because it has to exist locally, and look at our health care system. This cannot sustain through 2004. There is not enough glue left for the economy, so much of it is being used to repair Iraqi infrastructure.

The American economy cannot exist without the middle class, which is collapsing. Sure the Uber-rich expect to ride it out. But I suspect they are not going to get the economy hot enough to elect the chimp next year. I also suspect they are wrong about riding it out.

[paulk]

23. I know a financial advisor, a Republican, who is saying the same thing

As if the stock market indicates anything anymore.

One thing these people are missing is where that money being invested in the stock market is coming from - Bush's tax cuts provide a stimulus that can only last so long. The Clinton boom came from a lot of middle class people who, once burned, are going to be twice shy.
In my own situation, our household income is one-half to (right now) two-thirds of what it was five years ago. There is no left over money to invest in anything. And the money we did have in stocks got cashed out (at a loss) to pay for debt. I doubt I'm alone here. Things really ain't what they used to be.

[MUAD_DIB]

40. The poor can't buy anything with crazy answers

and the hungry can't eat innovation.

The clown-boys are going to get a rude awakeing.


It isn't going to be pretty, and it's going to hurt like hell.

[Brucey]

15. Shame on the senators and representatives who supported this

in the past, and shame on the people who voted for and continue to support such representatives. Apparently, Americans are getting what they want. They should have voted in larger numbers for Gore to make it clear we wanted him, and when the Supreme Court stopped the ballot counting in Florida, the people should have risen up, taken to the streets, and demanded that the votes be counted. And when the first tax cuts were proposed, the citizens should have demanded that they be limited and given to the poor and middle class. And when the bill was passed, who did the people elect? Repugs, of course. The people got what they wanted. We have reached a point in history in which people are so selfish they can't even make decisions that will benefit themselves in the long run. I believe it is because we have stopped educating people and only use propaganda now. We have no leader informing the citizens what will happen with all these tax cuts for the rich. And when Krugman and others try to inform the public, they are put down or ignored by the mass media. Any candidate who says they will cut taxes will be elected.

[Ripley]

16. Yes, it is the lack of education.

Well, real education anyway. I don't have any kids, but it sounds like "intelligent design" is being taught alongside "evolution" in many schools. The textbooks are being changed to reflect conservative ideals (obey authority). And in my state music, art and *gasp* maybe even sports are being cancelled because of lack of funding.

America The Dumb.

[rucky]

17. Time For That Vasectomy....

A whole generation, born into debt

[snippy]

19. True. And the government is borrowing the money to pay the interest.

In a few years the federal government will spend more on interest payments than on defense.

[gratuitous]

24. This won't fly

Be very quiet, and let these dopes stay busy sawing off the limb they're sitting on. Even the moron Americans who don't pay attention to anything know that further tax cuts for the overrich are wrong. The pinch is being felt even by the dwindling middle class and the upper middle class. Schools are falling apart, roads are degenerating into potholed goat paths, and there's no financing to do anything about it. People are finally making the connection between the extra $3.47 in their paycheck and the lack of public works. If your $3.47 has that profound an effect on your life, then it stands to reason that someone somewhere is getting a whole lot more from these tax cuts. It's time to stop them and reverse them so we can build America again.

Throw the Red Ink Republicans out!

[CounterCoulter]

25. Move Over Rove--Let Grover Take Over

Heil President Norquist!
Who needs public roads, clean water, social security, public airwaves, untainted food, etc! Halliburton can give them to us at a much lower cost! We have the freedom to be robber barons if we just work hard enough! Yippee!!!

[JNelson6563]

27. this smacks of desperation

A desperate move which reveals their awareness of their growing unpopularity and diminishing chances for election in '04.

Julie

[callous taoboy]

32. Reminds me of

one of my favorite Tom Tomorrow cartoons:

http://www.workingforchange.com/article.cfm?ItemID=15398

[radfringe]

33. give the whistleass a break

he only has two ideas - taxcuts and dropping bombs
:evilgrin:

in either case - we are screwed

[Nottingham]

34. Ok I think Bush feels he is king and can do what ever

What a disaster for this country! :bounce:

[retread]

35. Anyone care to guess how many of the

"aggressive Democratic opposition" will go along with this stickup!

[ahimsa]

36. If it isn't for the rich...

then this is a smart Rovian move. Tax cuts for the rich contributors every year for 3 years, then one for the voting masses running up to an election. The democrats will find themselves in the uncomfortable position of having to support a Bush tax cut.

:eyes:

[LightTheMatch]

47. Cool name, Ahimsa!

I love it! That's one of my favorite concepts. Great choice!

[stevebreeze]

37. The market is up because Bush gave it a tax preference

NOT due to increased earnings. When are people going to start to understand that when you have a lower tax and a lower income you are not better off. This is the trade off of supply side economics.

BLS numbers for average non-farm non-supervisory hourly wages in inflation adjusted 1982 dollars;

Jan 1975 ---- $8.52
Jan 2003 ---- $8.33

This is the first generation in which we have not increased the standard of living for the middle class since the birth of this nation!

:kick:

[mvd]

38. Insane!

What else can you say? :crazy: :crazy:

I at least don't think it will have much chance of passing.

[aeon flux]

39. They're taking NO chances

They need to bankrupt loot the WHOLE treasury before his term is up. They won't get another chance if Chimpy loses. Hence the election year timing.

[MoonRiver]

41. They have the elections RIGGED, so why the (blank) NOT?

The dye is cast unless we Dems get all Democratic state congresses (those states held by Pukes are hopeless) to REFUSE allowing the use of paperless voting machines. :mad:

[Betty]

42. How's he going to pay for all his wars?

eom

[rman]

64. he won't - future generations will

"Deficit spending is simply a scheme for confiscation of wealth."
- Alan Greenspan

[agincourt]

43. The chimps goal,

is to abolish all taxes for the wealthy, plus have the working poor subsidize the wealthy with consumption taxes. It's no suprise that he's cutting the federal income tax, because he wants to abolish it totally. If you don't think we're subsidizing the wealthy already, look at the Iraqi aid thats going through haliburton.

[Donna Zen]

44. Win-win-win

Tax cuts result in a win for bushco:

if Dems vote against it (think November), if it passes and the middle class get a $300 check which is spin fodder for the press, if he loses, and Dem gets stuck with the bill and raises taxes, if it passes and the regime uses the lack of funds to cut social programs.

The current junta in charge of our country do not approve of its historical system. This is a revolution. So says Krugman, and he's been paying close attention.

[truthisfreedom]

52. hey, it's time for someone to gather up some details from all over the

country to show exactly how the tax cuts have caused property tax increases and state tax increases. it should be part of the Democratic party's argument against bush to show exactly how the burden has shifted and how the tax cuts are simply a way of making the middle class and working poor pay even more, in the long run.

[Voltaire99]

53. Bankrupt the federal govt. Elevate the rich. Disenfranchise the poor.

And add a touch of Rapture-talk to your invasion plans.

It's a vision of the U.S. as a giant nuclear-armed Wal-Mart.

[E_Zapata]

54. Guys, we ARE bankrupt!

There are so many comments in this thread saying, "what? He wants to totally bankrupt the treasury?"

Lord.......the Govt IS bankrupt, people! That's what a deficit is. I know you know that, but there's this perception that no matter what the treasury has money in it. Even from us liberals.

No..we are in the RED. Big time in the red.

We are giving away money we don't even have! Sure wish I had a tree like that!

[underpants]

57. Right so what is there TO cut?

Ithe headline was surprising in that there isn't anything to cut unles............see Krugman's article about "Starving the Beast" and "supply siders"

Here we go, massive cuts in spending will have to follow.

[burr]

56. never fear...

I'm sure Lieberman, Kerry, Edwards, and Clark will find ways to incorporate the "best" elements of the fourth taxcut into their own agenda. We can no longer be a bunch of useless, sappy McGovernik, Mondalized hippy Dukakratic IRS freaks! Time to stand up fur AMRICA!!

half the cake or all...but let me keep it all and eat it now.

[shanti]

58. but these are the results he wants!

to bankrupt the country!

[abudabbi]

60. Good

It is coming to the point where I don't have enough money to support my family and my kids and buy useless junk and pay rent, cable bill, internet bill, etc. that I need a little bit of extra cash.

[VermontDem2004]

62. I see

You only care about You, You, You. But the fact is, if there is another tax cut the budget deficit will baloon and it will make it impossible NOT to raise taxes to balance the budget. I feel sorry for whoever the next President is, they will have one hell of a mess to clean up.

[snippy]

63. How do you justify sticking your kids and grandkids with the tab for this?

[burr]

67. easy...

if those little starry-eyed whinny-assed crying hyperactive riddlin poping drug addicted counterculture smart mouthy punk shits want to have a war on terror...they better pickup the damned tab!!! :nuke:

[Dhalgren]

68. Silly person,

if you are having problems making ends meet then you are poor, not rich. The tax cuts are only for the rich, tsk...tsk. If you get any of your President's tax cut, it will only be the piddling window-dressing that is reserved for the poor (you) and just enough to make you blindly support the rich - next they will be asking to have your children served to them in white sauce, I hope that will be o.k.

[_NorCal_D_]

65. Unbelievable.......

:wow::wow::wow: When will the stupid monkey get it? :grr::thumbsdown: