The Relative Size of the “Bush Tax Cuts”
Before I send you on your way to a GREAT repost, please take issue with the verbiage the Democrats use when talking about Tax Cuts. They call them a COST. This is 100% horsecrap. The bias we allow in the media is disgusting.
- Taxes are not Revenue – they are confiscated funds
- Letting you KEEP your money is not a cost.
- SPENDING your money is a COST.
- BORROWING, paying interest and spending your children’s money, that is a COST.
From today’s American Thinker:
As you sure know by now, the CBO reported Monday that the Federal Government ran up $192 billion in new deficits during August to a total of $1.17 trillion in deficits for the first 11 months of FY2012. Let’s put these numbers into perspective*:
The deficit of just one month (August 2012) of $192 billion is larger than thirty two months of Bush Tax Cuts for the Rich.
The Deficit of just one month (August 2012) is larger than a year-long cost of Bush tax cuts for the rich, poor and middle class combined.
The deficit for 2012 is larger than the sixteen year cost of Bush Tax Cuts for the Rich.
The deficit for 2012 is larger than the six year cost of Bush’s Tax Cuts for the Rich, Poor and Middle Class Combined.
The monthly average deficit for 2012 is as of now $106 billion. To put it into perspective, the monthly cost of the Bush Tax Cuts for the Rich is only $5.83 billion.
If you retroactively roll back and collect the twelve year cost of the Bush Tax Cuts for the Rich ($840 billion), and use it to cover the FY2012 budget, the deficit would still be $330 billion.
How bad is a $330 billion deficit (remember, we still have September to count, but how bad is it as of now)? Well, FY2007, the last budget produced by a GOP House, Senate and White House, had a deficit of only $168 billion for the full year.
A different way to look at a $330 billion deficit: In January 2009, the month Obama came in, the CBO projected that the FY2012 deficit would be $264 billion. Yes. $264 billion.
*NOTE: The annual cost of Bush’s Tax Cuts for The Rich is $70 billion. The cost of cutting tax for the poor and middle class adds another $100 billion a year. (The 2001 cuts came at a ten year “cost” of $1.35T, and the 2003 cuts came at a cost of another $350 billion to a total cost of $1.7T, which is an annual average of $170 billion of all cuts combined!)