Barack Obama Is Now The Biggest Tax Cutter In American History

[Donnachaidh]

http://www.politicususa.com/en/obama-great-tax-cutter

Beneath all of the Republican and Tea Party grumbling about taxes, one key fact continues to be ignored. According to the Tax Policy Center, Federal taxes are lower than at any time since 1955. Obama has now reduced taxes by more than any president since Dwight D. Eisenhower.

According to the Orange County Register, “For the past two years, a family of four earning the median income has paid less in federal income taxes than at any time since at least 1955, according to the Tax Policy Center. All federal, state and local taxes combined are a lower percentage of per-capita income than at any time since the 1960s, according to the Tax Foundation. The highest income-tax bracket is its lowest since 1992. At 35 percent, it’s well below the 50 percent mark of much of the 1980s and the 70 percent bracket of the 1970s.”

The problem is that the tax cuts have not promoted economic growth and have caused the federal deficit to explode, “Those lower taxes have helped give the U.S. government the lowest revenues as a percentage of gross domestic product of seven industrialized countries surveyed in 2010 by the Congressional Research Services. (The other countries were Japan, Canada, the United Kingdom, Germany, Italy and France.) The U.S. also had the lowest spending as a percentage of the GDP. But with the biggest gap between revenues (31.6 percent of GDP) and expenditures (42.2 percent of GDP), the U.S. also posted the largest deficit as a percentage of GDP – 10.5 percent.”

The answer to America’s revenue shortfall is to raise taxes. The US revenue gap could be closed immediately with a tax increase, but Republicans and tea partiers go insane as soon as the prospect is mentioned even in the most delicate manner. The Tea Party set believes to their core that they are being overtaxed, but reality doesn’t match their perception.

More at the link --

[inna]

1. actions speak louder than words

[doc03]

2. How by any stretch of the imagination is Obama the

biggest tax cutter? He raised the cigarette tax as soon as he took office, he extended the taxcuts that were already in effect when he took office. The only taxes I know of he cut was the making work pay tax cut that is now gone and the temporary payroll tax cut.

[TheKentuckian]

3. Extending means he owns them. Since the cuts were to sunset they are not existing policy

You would have a point IF the Bush cuts were permanent and he failed to increase them but in this case they are now the Obama tax cuts.

They can't be blamed on anyone else other than the Congress that passed them but he didn't have a veto overridden but rather brokered the deal and signed the bill into law.

He owns them.

[doc03]

4. The Bush tax cuts didn't become any bigger when Obama

renewed them? Besides that we don't need tax cuts, we need revenue! It was totally irresponsible to extend the tax cuts on people over $250000. I know the old argument about unemployment, I think if the president would have took that to the people he would have won the argument. After all we got creamed in the election anyway. The congress should have passed a budget last year before the election instead they played politics and now look at the mess we face..

[TheKentuckian]

7. I'm just saying he owns them and agree he should have flushed them.

I'll add that the vast majority of the cuts under 250k are irresponsible as well.

I don't think that 100k is anything like the same as millions and billions but that is still much more than most and such people significantly benefit from the system and should be chipping in a bit more rather than cutting muscle and bone from those of much more limited means or cutting what insufficient safety nets we have left.

[pinto]

5. Federal Individual Income Tax Rates History

http://www.taxfoundation.org/files/fed_individual_rate_history-20110323.swf

[msongs]

6. are you refering to his physical height or reference to extending Bush tax cuts for the wealthy? nt

[eridani]

8. Thanks ever so much, Mr President, for shouting out that Dems are bad and Repubs good.

Could you PLEASE STOP demonizing paying for public goods? If tax cuts are so fucking helpful, why have they resulted in a massive deline in the standard of living over the last decade? What political benefit are you anticipating here? That non-rich teabagging birther whackjobs are even going to notice that they got tax cuts? That public employees will come to appreciate your denigration of their work as something that everyone else needs to be "relieved" from the "burden" of?

[bvar22]

9. AND, that is precisely WHY...

...the REAL Owners of America will grant him a 2nd Term,
.
.
Well, THAT,
and starting another WAR,
and granting amnesty to War Criminals & War Profiteers,
and expanding the powers of the Unitary Executive,
and Mandates without a Public Option,
and more Union Busting,
and co-signing the Republican Frame that Social Spending is THE Problem,
and....~
:patriot:




Who will STAND UP and FIGHT for THIS American Majority?
"By their WORKS you will know them."