The Republican Party has been repeating the lie that they want to cut your taxes, while Obama and the Democrats want to raise your takes, for so long that most Americans believe it. But it’s true only if limited to the taxes of the top 2% and giant corporations. What Republicans consider tax reform is a scheme in which the poor and middle classes pay more and the rich pay less. And would you believe that Barack Obama has actually cut taxes more than GW Bush?
The Center for American Progress crunched the numbers and discovered:
With the huge Recovery Act tax cuts and the enormous December 2010 tax cuts combined, President Obama has already signed into law tax cuts amounting to more than $900 billion from 2009 through 2012. Even after accounting for legislation that the president signed that increased revenue during that period, President Obama has cut taxes by more than $850 billion in his first term, or approximately 1.5 percent of GDP.
That is compared to the $474 billion in tax cuts enacted by George W. Bush in his first term. If the latest tax cuts included in President Obama’s American Jobs Act are passed, he will be the biggest tax cutter of the modern era. Bigger than Reagan. Bigger than Bush. That’s saying something!
Yet, despite this fact, we’ve seen poll after poll indicate that people still believe President Obama has raised their taxes…
Inserted from <Daily Kos>
With all that tax cutting, you’d think that Republicans would worship the ground he walks on, but there’s a catch. Almost all of Obama’s tax cuts have benefited Main Street Americans. Republicans want tax cuts that benefit millionaires, billionaires and criminal corporations. They want to raise YOUR taxes to pay for more tax cuts for the rich, because that’s who Republicans represent. They do NOT represent YOU!
21 Responses to “Obama the tax-cutter”
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I’m not one of those who will be swayed by the “cut taxes” argument. And from what I see, about 2/3 of the rest of us see it the same way. I am more interested in this point in seeing the loopholes the President has mentioned finally closed once and for all.
JR, I agree. I don’t think that Obama’s tax cuts are the best solution, without closing the loopholes. My interest here was to provide an accurate picture of what has been happening.
Hey Tom!
Long time no see, about those pesky tax loopholes the rich love so much, my wife is a tax attorney and she gets a kick out of people talking about closing those things. Her response whenever that stuff is mentioned by the pundits goes somewhere along the lines, “when pigs fly” and, “a snow ball has a better chance in hell.”
My wife loves to hear the right wing types who believe a flat tax could ever be created. The tax code is written for the corporations per instructions from various elected officials at all levels of government who are good buddies with those daring leaders of free market capitalism. Any real tax reform is impossible under the current politcal system, and anyone who believes it can be changed needs to be on the lookout for someone trying to sell them a bridge.
Hiya Beach!
I agree with her, up to a point. I know it’s possible to elect people who will represent voters, not wall street, because we have in Oregon. Too many people either don’t know or don’t care.
I don’t have a problem believing it, Beach Bum. I’ve actually gone all the way over to favoring a consumption tax, simply because the rich would have no way to get out of paying THAT one.
I can go for that as long as it’s on Yachts, mansions, executive jets, etc. 😉
Inasmuch as I think taxes should be raised on everyone, both Obama and the Republicans lose on this issue for me.
Paul, except for the top quintile, Americans have lost considerable purchasing power and are already having to make do with less. A tax increase on the bottom 80% would mean lowering their standard of living even more. I think we need more tax brackets and to close loopholes. Even so, though my taxes would increase 50%, if all the Bush tax cuts were to expire, I’d rather suffer than let the top 2% keep them.
The difference is Obama’s tax cuts out food on Americans’ plates (except the Bush cuts extension into which our country was blackmailed).
I don’t understand this, Patty.
No problem believing “beach Bum”
Oh yeah – the republicans are a mean spirited pimp machine, I was just hoping O wouldn’t become their gal! I’ve been watching him get slapped around after he makes them feel so good!
You have no right to complain.
We have spent far too much time and money on cutting taxes for businesses and the wealthy over the past 10 years, and nowhere near enough time and money on investing in good-paying American JOBS!
Very true, Jack!
Democratic “Jones” keeping up with the “Smith” Republicans on tax cuts.
This bill relies to much on tax cuts.
Tom, I agree, but it’s the only way he could show Republicans up.
“Yet, despite this fact, we’ve seen poll after poll indicate that people still believe President Obama has raised their taxes . . . ”
As in a lot of things, people will take the path of least resistance. People don’t want to actually think about things. They want pre-digested information — partially a result in our instant gratification society, and partially because many people are lazy. I guess I’m a cynic that way, but I see too much apathy around me. Look at how many don’t show up to vote because they feel there is no one to vote for. Apathy! It’s killing many societies. Then look around the world where people are ending up dead for the privilege of waiting to cast a vote.
Republicans have repeated that lie for so long that people stopped questioning it.
Tax cuts tend to destabilize government by depriving it of revenue; an unfortunate side-effect is that they have a tendency to undermine the economy, too. As the nation’s largest employer, the federal government needs revenue in order to meet its payroll. Loss of revenue means loss of jobs, ergo the economy contracts. Regardless of who makes the cuts–Republican or Democrat, Bush or Obama–the effect is the same; it makes government weak and ineffective. Because it sometimes takes years for the full extent of damages to surface, Obama is now taking heat for Bush’s contribution to economic decline; the next president will take heat for Obama’s (if Obama wins a second term, he could wind up owning the whole deal).
What this country needs as much as anything is a rational tax structure and sound economic policy. As it stands, the middle and lower classes shoulder a disproportionately large share of the tax burden (in terms of income). Many people think (wrongly, in my opinion) that a flat tax–say 10% of income–is fair, but it’s a regressive tax that hurts low income taxpayers the most. However, a flat tax across brackets might be worthy of consideration, providing the first $30 thousand (or so) of income is excluded from the tax (applies to everyone), and taxes on all income over $500 thousand are levied at 90 percent. There’s plenty of room between those two extremes to set and adjust tax rates so that government can continue to function.
Welcome Phil. 🙂
I agree. The plan I proposed a while back is none of the first $25,000, 10% of the next $25,000, 20% of the next $25,000, etc.