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2003 Bush Tax Cut: By The Numbers


$14,374,330,000,000    Total Increase in Household Wealth Since April 2003

$5,700,000,000,000    Total Increase in Shareholder Wealth Since May 20, 2003

$863,654,000,000    Total Amount of Tax Cuts Enacted Since Fiscal Year 2003

$783,890,000,000    Total Amount of Additional Tax Cuts to be Returned to Taxpayers Through
                                     2010

$625,000,000,000    Total Increase in Federal Tax Revenues Since FY 2003

$207,788,000,000    Reduction in the Deficit in the Past 29 Months Due to Stronger Economic
                                     Growth

$98,600,000,000    Combined Income Gains for Shareholders From Dividend Increases & Tax
                                     Savings 03-05

$62,000,000,000    Surplus of Capital Gains Tax Revenue Not Accounted For By Revenue
                                    Estimators

$60,000,000,000    Deficit REDUCTION Since the Tax Cut Was Signed Into Law

300,001,643    Total Number of Americans benefiting from President Bush’s Tax Cut

91,000,000    Number of Individuals Owning Shares of Stock in America

23,000,000    Number of Small Businesses Benefiting from Income Tax Reductions

6,600,000    Number of Jobs Created Since the Tax Cut Was Signed Into Law

12,000    The Magic Number of the Dow Jones Industrial Index is an Arms Length Away

$2,092    Tax Increase for a Family of Four With $50k of Income if Tax Cuts Are Repealed

200    Number of House Members Who Voted Against This Growth Generating Tax Cut

50    Number of US Senators Who Voted Against This Growth Generating Tax Cut

25    Number of Years Dividend Paying Companies Declined Prior to the 2003 Tax Cut

164.0%    % Increase in the Dividend Tax Rate if the Income and Dividend Tax Cuts Expire

123.0%    % Increase in Dividend Income and Share Repurchases Since 2003 Tax Cut

91.0%    % Increase of Stock Ownership in the Bottom Quintile of Income Distribution Since 1995

74.0%    % Increase in S&P 500 Companies Boosting Their Dividend Since 2002

65.0%    % of Voters Who Were Investors in the 2004 Elections

51.2%    % of Total Tax Cut “Cost” That Has Been Recouped From Higher Levels of Growth

14.0%    % Margin of Victory for Republicans From Investor Voters in 2002 Elections

4.6%    Unemployment Rate Which Continues To Disprove the Constant Economic Pessimism

3.7%    % Average Quarterly GDP Growth Since Tax Cut Was Enacted (long run average is 3.3%)

Here's a listing of those in the house that voted for or against it:

http://clerk.house.gov/evs/2003/roll225.xml


The following is the results of the Senate vote:

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=108&session=1&vote=00196

Don't forget now that the way these tax cuts were executed was decidedly unChristian since the fast majority of the money went to those who were already very rich.  They acted to widen the wealth gap in this country rather than to help the poor.
(http://thinkprogress.org/wp-content/uploads/2006/08/povertygraph.GIF)
(http://thinkprogress.org/wp-content/uploads/2006/08/uninsurgraph.GIF)





Combined Effect of Bush Tax Cuts 2003

Income
(in thousands)   Percent of Households   Average Tax Change
Less than 10        23.7                                 -$8
10-20                  16.6                            -$307
20-30                     13.3                                  -$638
30-40                   9.7                                  -$825
40-50                      7.6                                  -$1,012
50-75                 13.0                             -$1,403
75-100                    6.8                             -$2,543
100-200                     6.6                              -$3,710
200-500                 1.6                               -$7,173
500-1,000             0.3                              -$22,485
More than 1,000   0.1                             -$112,925

Yes more of the tax cuts went to the upper income individuals. It is after all the upper income people that were paying the most taxes to begin with. Also by giving the tax cuts to those individuals allowed for more jobs as those people had more money to invest in businesses and in so doing did help the poor. This is the thing that the socialists overlook.

If the Democrats had there way the tax cuts would be done away with and taxes would also be raised for all income levels except for the one they are in.

Federal Tax Rates For Married Filing Jointly for 2005 Tax Year

Up to $14,300.00   =    10%
14,301 to 58,100   =    15%
58,101 to 117,250 =    25%

and continues on up to 35% for the top bracket.

The rich still pay more taxes than the poorer do and the poor have more available returns to recieve money in which they didn't pay in such as the "Earned Income". Which frequently gives a low income person more in return than was payed in.

Now as far as the tax cuts being unChristian ....... There is nothing unChristian about giving the money back to an individual that it belonged to in the first place. The Bible does tell us to give to the poor but it does not tell us to take it from the rich and give it to the poor.

Again your arguments are without warrant and are nothing more than a feeble attempt to support the Democrats and socialism.

Amen to both.

And great point PR.  It is often that people just do not realize that the top 10% of the population pay like 80% of the taxes.  And when it comes to tax cuts and such they get the least amount back.

Lets take a look at numbers since this post is full of them :)

An individual that makes $30,000 per year pays $4,500 in income taxes (15%)
An individual that makes $100,000 per year pays $25,000 in income taxes (25%)

Now it would take 5.5 individuals making $30,000 per year to make up the tax burden paid by one person making $100,000. 
Now if we look at the previous tax cut that was what $300 for individuals and $600 for families?  So when the government went to hand back the rebate it cost the government $1,650 to give the rebate to the individuals making $30,000.  But to the one who was making $100,000 it only cost the government $300.

So for all practicle purposes the one who has the right to complain about taxes is the one person who makes $100,000.  Maybe the ACLU should start targetting the rich people because they can make more money and definitely have a right to complain.

Do you think everyone should just get a bill from the government of expenditures divded by the number of people in the country?  Same bill for everyone.

(http://img.photobucket.com/albums/v311/randers/LostIt.jpg)

Precisely.

FC

In reference to your question which is basically asking if I believe in the flat tax system.  No I do not.  A flat tax would bankrupt this country.

Why you may ask.  Well because if we had a flat tax...say 20% across the board.  Some liberal would get ahold of that and start to claim that it is to high...that the poor working man could not afford it (and being a poor working man...I would probably have a heart attack as well).  So they would lower it.  Now being a flat tax it is across the board and everyone now is paying less.  If we have 1,000,000 million people that make the same amount, say $100 per year.  They pay 20% so the tax income is $20,000,000.  Now drop that by 2% so that taxes are only 18%.  The government now has only $18,000,000 from taxes.  That is a 10% drop in revenue.  That is quite a bit for the poor man to save $2.

Nope a flat tax system will not work.  Not alone.  I will state that our current system needs a revamp.  As the bottom line of income continues to increase the actual rates for taxes does not.  A two income family in which both parents making minimum wage and working 40 hours a week and 50 weeks a year is grossing about $20K.  This puts them into the middle tax bracket.  Which is the goal of any government to just move everyone up into a higher tax bracket and thus get more money.  This is the ploy of the Liberals when they go to raise the minimum wage.  Do not believe it is for the worker to earn a better living...if that were the case they would do things to lower the cost of living.  No they want to raise minimum wage while keeping the tax brackets where they are so that when you hit the next level you will have to pay more in taxes.

Precisely. That is the reason that they want minimum wage to be 112% of the poverty level and to increase the minimum wage every four years. More money in "their coffers". (And yes they do consider it theirs.)

I'm obviously not an economist, but I don't think that it takes a mental giant to know that the tax cuts are a primary reason for the booming economy.

One has to be very creative and somewhat full of nothing but hot air to paint the economy as failing. Everyone knows that the economy is just the opposite - BOOMING AND SETTING RECORDS. And that's in spite of huge losses on 9-11 and being in a difficult war.

I've heard some folks trying to explain all the ways that the economy is a failure, and all I can say is "They need better acting lessons." Why in the world would the average person want to pay higher taxes, go back to the marriage penalties, go back to the death taxes, and reverse this BOOMING ECONOMY. It appears there are some folks who would raise taxes just because they can, and those folks are the ones who think they are about to take power in November. All we have right now is polls, and we already know how trustworthy they are. We'll VOTE FIRST AND SEE!