Thursday, July 22, 2010

We're in a One-and-a-Half Dip Recession


Candidate bush jr. pushed his tax cut as the central theme of his campaign, the number $1.6 trillion over 10 years was used so many times you'd have to be braindead not to remember. His next round in '03 was also large and the republicans did not even hint as to cutting any spending to offset the loss of revenue, remember the rather large "transition cost" attached to SS privatization? So that is at least a trillion. As to 50% of the country not paying any taxes, how does this myth ever get traction? If you're going to make this claim at least qualify it as "Federal income taxes" because even if you have no income at all you still pay all sorts of excise and sales taxes and FICA is deducted from the first dollar of your income. Also, most of the business tax cuts you cite were actually rebates given to well-established multinationals, given even when the company weaseled out of any tax liability. The failure rate of business startups has not improved by these gifts, so how exactly do tax cuts help the rich people who "took the risk to start a business" benefit anyone?
About Financial Crisis
Read the Article at HuffingtonPost

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