The prologue of Year 2008 is just pulled open, yet the competition for the US presidential election has been in full swing. It seems that we are going to have a Democratic President, what is not my hu*****and and I looking forward to.
Neither of us is a Bush's fan. We still want to give Bush credit for his Tax Cuts. The matter of fact, last year we contributed (by law) 35% family income tax under the Tax Cuts. Democrats and their media flunkies screamed Bush's Tax Cuts would wreck the US economy by generating an unsustainable deficit. Well, give me a break. It is EASY to spring to the conclusion that the Democrats' response was driven by opportunism and a deeply ingrained cynicism.
A simple math here is. Let's say, 12 years ago, a person's income was $100k and the income tax was 20%. So his purchasing power was $80k approximately. 12 yrs later, his income is tripled and the tax bucket is 35%. Thus, his purchasing power is 195k around. $80k vs $195k, wow, more than double, life is GOOD! Wait a minute, 12 yrs ago, the housing price was half cheaper than current. Don't forget our life-time friend "inflation". Right now, the price of everything on this planet, especially commodities, is as high as ridiculous it could be. Plus 12 yrs later, the person has a family to support. Now you tell me, doesn't $80k 12yrs ago and $195k 12yrs later break even? If it does, life is not too bad!
The Democrats also accused Bush of playing politics with tax cuts. Of course he did. He would have been stupid not to. In any case, the charge was pretty silly coming from Democrats. What mattered was whether the cuts would work. They did.
Given these facts, the cuts to capital gains taxes generated savings that helped accelerate recovery, a recovery that was also fueled by the Fed's accommodating monetary policy. The cuts encouraged investment and helped raise the demand for labor. The natural response of the Democrats and their media was to scream “tax cuts for the rich at the expense of the poor”.
Funny! Please explain why anything that promotes investment hurts the poor. Moreover, Democrats and their media were dumb enough to argue that the cuts would worsen the deficit and raise interest rates which in turn would damage investment. But as we now see, the deficit is heading into the blank.
Another vital fact that was ignored was the existence of about 35 million Americans who earned money from dividends. It is through this process of increased investment that the effects of tax cuts impact on employment and living standards.
Does anyone really believe that a government can tax an economy into prosperity? Democrats do! Obviously, the higher, the better!
Neither of us is a Bush's fan. We still want to give Bush credit for his Tax Cuts. The matter of fact, last year we contributed (by law) 35% family income tax under the Tax Cuts. Democrats and their media flunkies screamed Bush's Tax Cuts would wreck the US economy by generating an unsustainable deficit. Well, give me a break. It is EASY to spring to the conclusion that the Democrats' response was driven by opportunism and a deeply ingrained cynicism.
A simple math here is. Let's say, 12 years ago, a person's income was $100k and the income tax was 20%. So his purchasing power was $80k approximately. 12 yrs later, his income is tripled and the tax bucket is 35%. Thus, his purchasing power is 195k around. $80k vs $195k, wow, more than double, life is GOOD! Wait a minute, 12 yrs ago, the housing price was half cheaper than current. Don't forget our life-time friend "inflation". Right now, the price of everything on this planet, especially commodities, is as high as ridiculous it could be. Plus 12 yrs later, the person has a family to support. Now you tell me, doesn't $80k 12yrs ago and $195k 12yrs later break even? If it does, life is not too bad!
The Democrats also accused Bush of playing politics with tax cuts. Of course he did. He would have been stupid not to. In any case, the charge was pretty silly coming from Democrats. What mattered was whether the cuts would work. They did.
Given these facts, the cuts to capital gains taxes generated savings that helped accelerate recovery, a recovery that was also fueled by the Fed's accommodating monetary policy. The cuts encouraged investment and helped raise the demand for labor. The natural response of the Democrats and their media was to scream “tax cuts for the rich at the expense of the poor”.
Funny! Please explain why anything that promotes investment hurts the poor. Moreover, Democrats and their media were dumb enough to argue that the cuts would worsen the deficit and raise interest rates which in turn would damage investment. But as we now see, the deficit is heading into the blank.
Another vital fact that was ignored was the existence of about 35 million Americans who earned money from dividends. It is through this process of increased investment that the effects of tax cuts impact on employment and living standards.
Does anyone really believe that a government can tax an economy into prosperity? Democrats do! Obviously, the higher, the better!
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