![]() ![]() To see exactly how much these tax cuts directly affected our lives and our standard, the following gives a sampling of what percentage of gross income the average American paid in taxation (local, state and federal combined) during the last 10 years.Ģ000 32.98% Last year of Clinton PresidencyĢ004 28.53% First year Bush tax cuts were fully implementedĢ006 31.16% Last year of Republican controlled CongressĢ010 26.89% Current rate under Obama and Democrats ![]() What is known as the ‘Bush tax cuts’ is actually a collection of various changes in federal tax laws, rates, rules, etc, assembled into two different bills passed by Congress and signed by President Bush in 20. Ultimately, there were really only two relevant questions 1) How much of our personal income is being taken for the cost of government and 2) Exactly how much did the Bush tax cuts reduce that burden for the average American? With that in mind, I set out looking for answers and found the following. blah, blah, blah, ad infinitum, insert endless stream of baffling BS here. The casual observer would think it is now safe to go back to sleep confident that small government, low taxes, Tea Party Republicans are in charge now and all will be well.īut was the extending of the Bush tax cuts the epic struggle for our economic survival that it was billed to be? Or was it a distraction that diverted our attention from the big picture?ĭuring that debate we were inundated with plenty of minutia from political pundits and talking heads discussing whether the Bush tax cuts increased GDP, decreased federal revenues, or increased the federal deficit and by what percentage of GDP adjusted for inflation as based on CBO projections for the year 2018 and how that will effect couples filing jointly with 2.3 children and a medical insurance co-payment of. When the dust settled and the Republicans claimed victory, conservative leaders engaged in an orgy of self congratulation patting themselves on the back for ushering in the new age of conservatism that will save the country from the liberals. Conservative commentators told us that the Democrats would destroy the economy and crush us under an unbearable burden of increased taxation. ![]() Both told their supporters that they were here to save them from the other party. Both Democrats and Republicans decried each other’s position as disastrous, ruinous, or downright evil. The recent battle over extending the Bush tax cuts is a good case in point. But more often than not, those battles are being waged over what amounts to minutia or only minor differences in policy when compared to what I consider to be the big picture. Like the illusionist who diverts our attention from what is really going on, the political powers that be, along with the dominant media and political pundits, direct our attention to whatever is being billed as the major political battle of the day. Too often, our attention is diverted from the real and weighty issues that determine the future of our country, our liberty and our prosperity. As a new year begins and a new Congress comes on the stage promising reform, fiscal accountability and a return to conservative principles, I’ve got to remind us all to stay focused on the big picture.
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