Obama Vs Bush: 2003 Bush Tax Cuts Vs 2009 Obama Stimulus
Net taxpayers are those whose final tax payment, exceeds any form of offset or reduction. Net taxpayers must be distinguished from those who could be classified as "net tax receivers." Net tax receivers, get credits and other transfers from "net taxpayers" turned over to them, in the form of cash--thousands of dollars of cash, to millions of recipients. The 2003 tax cuts went 100% to "net taxpayers." The Obama portion of his-misnamed-tax cuts, went/go almost 100% to "net tax recipients." We Must Force Politicians To Start Using The Term "Net Taxpayers" When Discussing Who Pays What Millions of individuals, classified as taxpayers, file a tax return, have taxes temporarily withheld, before those payments are refunded. Beyond that, recipients receive huge amounts of cash paid by "net taxpayers." This is a welfare payment done through the tax code. The amounts received are based on means-testing, as are all welfare programs. They are also classified as transfer payments. 2003 Bush Tax Cuts Vs. 2009 Obama Stimulus Package--12 Following Months of Each 2003 Bush Tax Cuts---Net Jobs Gained (plus) +1.1 Million 2009 Obama Stimulus---Net Jobs Lost (minus) -3.1 Million Source: Bureau of Labor Statistics (BLS) U.S. Dept. of Labor Cost To Taxpayers 2003 Bush Tax Cuts---0 2009 Obama Stimulus---$862 Billion Source: Congressional Budget Office (CBO) Avg. Cost To Individual "Net Income Taxpayers" Applied To Present Workforce 2003 Bush Tax Cuts--0 2009 Obama Stimulus--$9269 Source: Tax Foundation--Based on Statistics From The Internal Revenue Service (IRS) 2006 Latest data available Most recent data available lists 93 million "net income tax" payers Receipts To Government: Two Quarters Following Each 2003 Bush Tax Cuts--(Plus) +$90.7 Billion 2009 Obama Stimulus--(Minus) -$65.8 Billion (Third Quarter Receipts Not Yet Available) Source: Bureau of Economic Analysis (BEA) U.S. Dept. of Commerce Disposable Personal Income--Third Full Quarter Following Enactment of Tax Cuts and Stimulus---Inflation Adjusted per capita (every man, woman and child) 2003 Bush Tax Cuts-------(plus) +$658 2009 Obama Stimulus---(plus) +$290 (Fourth Quarter Data Not Yet Available) Source: Bureau of Economic Analysis (BEA) U.S. Dept. of Commerce President Obama's constant utterance "I gave tax cuts to 95% of Americans." is not only untrue but it is very close to being 100% untrue. Practically all payments given to recipients were "transfer payments" of other taxpayers' money, received under the euphemism "credits." A tiny few, who in the end did make a "net tax payment", reduced their taxes for one year, through such credits as the home buyers credit, but this giant $ 8000 giveaway, was also available to those who paid no taxes whatsoever, which means that in the long run it will be an added cost to all "net taxpayers" Credits at one time were only a payment to reduce taxes actually paid. Taxpayers originally lowered their tax but could never go lower than zero. Now in most cases, credits are simply transfers or redistribution, from those who earned the money from their own business or employer, to those who have not earned it in any way. Businesses get credits, but in most cases, only reduce the amount of the final tax, actually paid. If credits were completely removed from all taxpayers, tax rates not only could be lowered to individuals and business, but revenues to government would dramatically increase as they have done historically. This would give our economy an enormous boost. This actually happened to a great degree in 1986 but congress as always, undid the improvements, using the usual tactic of class warfare. Many voters mistakenly believe that corporations actually "receive" money from government. The reality is they contribute quite substantially. Corporations, initially, do receive tens of billions in credits. However, the final amount of "net taxes paid" is hefty. In 2006 for instance, when tax revenues to government were soaring from all revenue sources, corporations turned over a "final net amount" of $395 billion dollars. This is after credits, subsidies, allowances, etc. whatever term anyone chooses. That final amount paid, represented a full 1/8 of federal revenues for the year. President Obama's Stimulus package on the other hand, borrowed $787 billion of taxpayers' money which must be repaid by taxpayers now and in ensuing years. $787 billion was the original cost estimate submitted by the Congressional Budget Office; since then, a CBO revision added $85 billion. The most important figure above for individuals would seem to be DISPOSABLE PERSONAL INCOME (DPI). This tells how much more or less taxpayers had to spend. As of this date, the data greatly favors the Bush tax cuts, which shows a gain of over 2 1/4 times that of the Stimulus, with not one penny of debt added on to taxpayers, from the tax cuts. Notice too, that receipts to government increased after the Bush Tax Cuts and decreased after the Obama Stimulus. Obama Vs Bush Obama Vs Bush Obama Vs Bush Obama Vs Bush
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