Bush tax cuts were passed to stop econimic recession?
My friend and i are having a debate and he says that its true. Who is correct ?
- Anonymous1 decade agoFavorite Answer
bush tax cuts help our economy. taxing the rich more will not pay back our debt in a million years. it is wrong to take someone elses money just because they have too much money they have erned it and it is not the governments job to take that. NOT TO MENSION OBAMA WANTS TO TAX PEOPLE WHO MAKE 250 THOUSAND DOLLARS. HELLOOO IF YOU TAX PEOPLE THAT MAKE BUISINESSES YOUR HURTING THE ECONOMY BECAUSE YOU NEED WORKERS AND PEOPLE ARE STRUGGLING ENOUGH AS IT IS TO HAVE TO DEAL WITH EXTRA TAXES JUST BECAUSE THEY MAKE A LOT AND WANT TO START A BUISINESS. tax cuts will help the poor, middle, and upper class all together but overall it will help our whole economy.Source(s): iv took enough classes to know better..YOU MAY NOT AGREE WITH ME WHICH IS OK BUT I WISH PEOPLE WOULDNT LABEL MY FELLOW REPUBLICANS JUST OUT FOR THE RICH.
- justaLv 71 decade ago
No, the estate tax which was ended had nothing to do with any recession.
The Bush tax cuts were used to keep more money in the hands of wealthy families, they don't affect very many people, and while a sympathy vote was looked for by stories about family farms having to be sold, that turned out to affect so few people, that it was ultimately irrelevant to the economic health of the country at all.
There are many ways for people to avoid taxes before they die.
From the time Bush took office, he had a Republican congress for the entire first six years, they did everything he said, and he never vetoed a bill, in the last two years, he had a Democratic majority of one in Congress and he vetoed twelve bills.
The recession was caused by having two wars, not paying for them and borrowing money, while cutting taxes. It was the first time in human history that a ruler, or government ever cut taxes while engaging in war, and we went into two wars with no increase in taxes. Right there you can see a problem
There was a small dot-com bubble that burst but in the overall scheme of things the country wasn't affected and we weren't in an economic recession when Bush came into office.
- 1 decade ago
Whoever said the tax cuts didn't help the economy. While the rich do spend more individually, they spend their money on luxury items, but the luxury item market is so diminutive it doesn't help the economy at all. Also, it adds $700 BILLION to the deficit. If you give a tax break to the other 98% of the country, they will spend far more as a group and their effect WILL help the economy grow.
- Anonymous1 decade ago
That was the claim at the time.
Bush inherited a Dow of 10,600 and left with 8,280.
Bush inherited 4% unemployment and left with 8.2%
Bush inherited record surpluses and left with record deficits.
National Debt Increase: $4.9 trillion. DURING AN EXPANSION.
National Debt as of Jan. 15, 2009: $10.6 trillion
Debt when Mr. Bush took office: $5.7 trillion
(Source: U.S. Treasury Dept.)