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Figure your tax cut under Obama
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<blockquote data-quote="tieguy" data-source="post: 397301" data-attributes="member: 1912"><p style="margin-left: 20px"><p style="text-align: center"><strong>Ten Myths About the Bush Tax Cuts—and the Facts</strong></p></p> <p style="margin-left: 20px"><em>Myth #1: Tax revenues remain low.</em></p> <p style="margin-left: 20px"><strong>Fact: Tax revenues are above the historical average, even after the tax cuts.</strong></p> <p style="margin-left: 20px"><em>Myth #2: The Bush tax cuts substantially reduced 2006 revenues and expanded the budget deficit.</em></p> <p style="margin-left: 20px"><strong>Fact: Nearly all of the 2006 budget deficit resulted from additional spending above the baseline.</strong></p> <p style="margin-left: 20px"><em>Myth #3: Supply-side economics assumes that all tax cuts immediately pay for themselves.</em></p> <p style="margin-left: 20px"><strong>Fact: It assumes replenishment of some but not necessarily all lost revenues.</strong></p> <p style="margin-left: 20px"><em>Myth #4: Capital gains tax cuts do not pay for themselves.</em></p> <p style="margin-left: 20px"><strong>Fact: Capital gains tax revenues doubled following the 2003 tax cut.</strong></p> <p style="margin-left: 20px"><em>Myth #5: The Bush tax cuts are to blame for the projected long-term budget deficits.</em></p> <p style="margin-left: 20px"><strong>Fact: Projections show that entitlement costs will dwarf the projected large revenue increases.</strong></p> <p style="margin-left: 20px"><em>Myth #6: Raising tax rates is the best way to raise revenue.</em></p> <p style="margin-left: 20px"><strong>Fact: Tax revenues correlate with economic growth, not tax rates.</strong></p> <p style="margin-left: 20px"><em>Myth #7: Reversing the upper-income tax cuts would raise substantial revenues.</em></p> <p style="margin-left: 20px"><strong>Fact: The low-income tax cuts reduced revenues the most.</strong></p> <p style="margin-left: 20px"><em>Myth #8: Tax cuts help the economy by "putting money in people's pockets."</em></p> <p style="margin-left: 20px"><strong>Fact: Pro-growth tax cuts support incentives for productive behavior.</strong></p> <p style="margin-left: 20px"><em>Myth #9: The Bush tax cuts have not helped the economy.</em></p> <p style="margin-left: 20px"><strong>Fact: The economy responded strongly to the 2003 tax cuts.</strong></p> <p style="margin-left: 20px"><em>Myth #10: The Bush tax cuts were tilted toward the rich.</em></p> <p style="margin-left: 20px"><strong>Fact: The rich are now shouldering even more of the income tax burden.</strong></p> <p style="margin-left: 20px"><strong></strong></p> <p style="margin-left: 20px"><strong>Source - <a href="http://www.heritage.org/research/taxes/bg2001.cfm" target="_blank">http://www.heritage.org/research/taxes/bg2001.cfm</a></strong></p> <p style="margin-left: 20px"><strong></strong></p></blockquote><p></p>
[QUOTE="tieguy, post: 397301, member: 1912"] [INDENT][CENTER][B]Ten Myths About the Bush Tax Cuts—and the Facts[/B][/CENTER] [I]Myth #1: Tax revenues remain low.[/I] [B]Fact: Tax revenues are above the historical average, even after the tax cuts.[/B] [I]Myth #2: The Bush tax cuts substantially reduced 2006 revenues and expanded the budget deficit.[/I] [B]Fact: Nearly all of the 2006 budget deficit resulted from additional spending above the baseline.[/B] [I]Myth #3: Supply-side economics assumes that all tax cuts immediately pay for themselves.[/I] [B]Fact: It assumes replenishment of some but not necessarily all lost revenues.[/B] [I]Myth #4: Capital gains tax cuts do not pay for themselves.[/I] [B]Fact: Capital gains tax revenues doubled following the 2003 tax cut.[/B] [I]Myth #5: The Bush tax cuts are to blame for the projected long-term budget deficits.[/I] [B]Fact: Projections show that entitlement costs will dwarf the projected large revenue increases.[/B] [I]Myth #6: Raising tax rates is the best way to raise revenue.[/I] [B]Fact: Tax revenues correlate with economic growth, not tax rates.[/B] [I]Myth #7: Reversing the upper-income tax cuts would raise substantial revenues.[/I] [B]Fact: The low-income tax cuts reduced revenues the most.[/B] [I]Myth #8: Tax cuts help the economy by "putting money in people's pockets."[/I] [B]Fact: Pro-growth tax cuts support incentives for productive behavior.[/B] [I]Myth #9: The Bush tax cuts have not helped the economy.[/I] [B]Fact: The economy responded strongly to the 2003 tax cuts.[/B] [I]Myth #10: The Bush tax cuts were tilted toward the rich.[/I] [B]Fact: The rich are now shouldering even more of the income tax burden. [/B] [B]Source - [URL]http://www.heritage.org/research/taxes/bg2001.cfm[/URL] [/B][/INDENT] [/QUOTE]
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