The Robbing of America: Bush Tax Cuts Ten Years...What Have We Learned?

[marmar]

from the Working Life blog:




The Robbing of America: Bush Tax Cuts Ten Years...What Have We Learned?

by Jonathan Tasini
Tuesday 07 of June, 2011


Ten years ago, the plundering of the nation's wealth got a boost of legislative steroids when George W. Bush signed his tax cuts into law. It was pure insanity, at least if you believe in a country of fairness. But, aside from the economic and social wreckage left by these immoral tax cuts, what did we learn? If you look at the rhetoric coming from our political leaders, very little--which explains a big part of the mess we are in.

Consider the wreckage first, courtesy of Citizens for Tax Justice:

The tax legislation enacted under President George W. Bush from 2001 through 2006 will cost $2.48 trillion over the 2001-2010 period. This includes the revenue loss of $2.11 trillion that results directly from the Bush tax cuts as well as the $379 billion in additional interest payments on the national debt that we must make since the tax cuts were deficit-financed.(emphasis added)

The emphasis added was simply to underscore one piece of the mountain of hypocrisy that we hear from the deficit-scare mongers: the added interests payments on the national debt because of the tax cuts.

The beneficiaries, per the tables in the analysis, are overwhelmingly the rich: a third of the tax cuts--over $673 billion--went to the top one percent. ...........(more)

The complete piece is at: http://www.workinglife.org/blogs/view_post.php?content_id=15198

[indepat]

1. Depravity rocketing right off the obscenity scale

:patriot: