Winehole23
09-13-2011, 10:08 AM
Crunching the numbers at the liberal think tank the Center for American Progress, analyst Michael Linden found that if one compares the cost of tax cuts in just the first four years of Bush’s term (2001–04) to the first four years of Obama's (2009–12), Obama’s tax cuts are bigger. The value of the Bush tax cuts were about $475 billion in those first four years, or about 1.1 percent of GDP. Obama’s total about $1 trillion, or 1.6 percent of GDP.
Obama has cut taxes to lower levels than Bush did, says Linden. This is because, of course, Obama thus far has extended all of the Bush tax cuts and then cut taxes on top of that. His original stimulus bill in 2009 had $290 billion in Making Work Pay tax cuts. His speech Thursday night before Congress advocated for another $175 billion in payroll tax cuts, which come on top of $110 billion from last December’s budget deal. Speeded-up expensing for business adds another $10 billion or so.
http://www.thedailybeast.com/articles/2011/09/11/obama-tax-cutter-he-has-slashed-more-than-bush-did-in-first-term.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+thedailybeast%2Farticles+%28T he+Daily+Beast+-+Latest+Articles%29&utm_content=Google+Reader
Obama has cut taxes to lower levels than Bush did, says Linden. This is because, of course, Obama thus far has extended all of the Bush tax cuts and then cut taxes on top of that. His original stimulus bill in 2009 had $290 billion in Making Work Pay tax cuts. His speech Thursday night before Congress advocated for another $175 billion in payroll tax cuts, which come on top of $110 billion from last December’s budget deal. Speeded-up expensing for business adds another $10 billion or so.
http://www.thedailybeast.com/articles/2011/09/11/obama-tax-cutter-he-has-slashed-more-than-bush-did-in-first-term.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+thedailybeast%2Farticles+%28T he+Daily+Beast+-+Latest+Articles%29&utm_content=Google+Reader