John V
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John V asked in Politics & GovernmentPolitics · 1 decade ago

Should the next president repeal the Bush tax cuts?

http://news.yahoo.com/s/nm/20080728/pl_nm/usa_econ...

It seems clear that the Bush tax cuts did not stimulate the economy enough to pay down the national debt and now we are looking at record deficits. Should both candidates plainly state, in unison that if elected, they pledge to raise taxes?

Update:

Jake: Can you provide a reference to us to show that our inability to currently pay down the debt is due to the tax laws from 92-00?

Update 2:

Scorpion: The Bush tax cuts might have stimulated the economy in the short term but the deficits continued to increase. We will be paying millions on the interest on our debt. Shouldn't we, all of us, start to pay down this debt?

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  • Anonymous
    1 decade ago
    Favorite Answer

    well the tax cut for my income bracket is not really noticeable on my pay stub....whether it stays or goes is of no real consequence to me... I just want a gallon of milk and gas to be cheaper.

    The Obama plan is to repeal only those cuts for the richest 3% of Americans, whose free ride didn't translate into more jobs or higher wages.

    That is the only sensible way to get the economy back on track, because the working class are the consumers in this economy...they tend to spend every dime back into our economy each week. While the richest 3% tend to put their money in interest bearing accounts, stocks, bonds, mutual funds, foreign banks, foreign stock markets....and they have all sorts of loopholes they can employ...which benefits the economy very little.

    Conservatives are playing the fear game now, by saying .."well rich people will just stop hiring"....guess what !?..they've already stopped hiring because consumer confidence is at a 28 year low ! Businesses are closing everywhere and it has nothing to do with taxes...it has everything to do with average middle income people not having money to spend on anything other than RENT and GAS !

  • 1 decade ago

    Question like this and the positive responses to it make me weep for the public education system in this country.The only people that wish for a repeal of any tax are those that seek to gain entitlements,and are usually in the lower wage brackets this tends to be people that are students working part time or welfare/fixed income people,or those with low intelligence or lacking ability and all of these are looking for a free ride,most would be refereed to as lazy or slackers,or even bums,not willing to work for what they get but always ready with an excuse to cover up their inabilities,we have a slowing economy if the taxes are repealed then in effect you have raised taxes and any person should be able to see you do not raise taxes in a troubled economy,so the answer is NOOOOOOOOOOOO!!!!!!!!!!!!,stop playing video games all day and read a book.

  • 1 decade ago

    By definition, this country was in a recession when Bill Clinton left office. Now it is not, this despite the fact that we are waging a war, which always means large expenditures.

    Repeal the tax cuts, and watch us go back into recession.

  • 1 decade ago

    Without a doubt. They've been given plenty of time to work and the economy is much worse off than it was when those bills passed. Many, myself included, knew that they would fail as a stimulant to the economy. The trickle down theory has once again shown it does not work.

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  • Anonymous
    1 decade ago

    Only if it is tied to a verifiable balanced budget, a fix to the 53 trillion dollar entitlement deficit, and a verifiable reduction in Government spending.

  • Anonymous
    1 decade ago

    Bush did not cut taxes and the next President cannot repeal any previous tax laws.

    Pay attention to the Constitution in order to determine who has the power of the purse as compared to who has the power of the sword.

  • 1 decade ago

    the economy we are feeling now is from clintons tax increases. I am an ecoomics major and know that in a global economy it takes time. That is why the next 8 years will be economic glory. But if taxes are risen again, than the 8 years after that will be worse than now. Keep the cuts. and than cut more taxes. Taxes are evil anyways. It's my money, and your money.

  • 1 decade ago

    The Bush tax cuts DID bring the US economy back from the previous recession in place when Bush took office. That was YEARS ago, so I think you are tying things together that can't effectively be tied. The last thing we want to do is raise taxes on a public already struggling with high inflation, that will just further depress the economy.

  • Anonymous
    1 decade ago

    The Constitution doesn't allow for deficit spending.

    The next president ought to simply shut the whole process down and return to a gold standard.

  • 1 decade ago

    Since Obama is going to win, he will be sure to raise taxes A LOT. Plus how else are we going to pay for the 20 million people with no health insurance who won't have to buy it once universal health care goes into effect?

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