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ganggreen2003 Icon : (15 February 2015 - 11:23 PM) When the hell will the JETS get it that Pace SUCKS
ganggreen2003 Icon : (15 February 2015 - 11:23 PM) Babin being brought back isn't a big deal but Pace really?
azjetfan Icon : (16 February 2015 - 12:43 AM) There is no guarantee either will be on the roster opening day. This gives the Jets the most options in FA and the draft. For once I would love to see Jet fans not jump before the need
Jetsfan0099 Icon : (16 February 2015 - 12:39 PM) I'd cut Pace, we easily can upgrade over him in FA
Jetsfan0099 Icon : (16 February 2015 - 12:40 PM) Babin I'd keep , he had more QB pressures in way less snaps than Pace. And is cheap.
MikeGangGree... Icon : (17 February 2015 - 11:27 PM) its time to bring this back..........
MikeGangGree... Icon : (17 February 2015 - 11:27 PM) SUCK FOR THE DUCK
santana Icon : (18 February 2015 - 12:32 PM) THE BEETS
santana Icon : (18 February 2015 - 02:38 PM) HALA MADRID
MikeGangGree... Icon : (18 February 2015 - 02:46 PM) TEH MOTHER f***ing BEETS
Jetsfan0099 Icon : (18 February 2015 - 03:32 PM) Jets met with Josh McCown
HarlemHxC814 Icon : (18 February 2015 - 06:25 PM) Please no
Jetsfan0099 Icon : (19 February 2015 - 12:28 PM) Reports say Jets to go hard after CJ Spiller. Bring him aboard, he'll be a good signing. Was a stud in Chan's offense and RBs don't cost much
Jetsfan0099 Icon : (20 February 2015 - 12:09 PM) Saw that the Bills are meeting with Spiller and may sign him before FA.
Jetsfan0099 Icon : (20 February 2015 - 12:10 PM) if that happens, I think the Jets should go after Shane Vereen. Nice pass catching option out of the backfield, only 25.
Smedsthejet Icon : (20 February 2015 - 04:06 PM) Think Vereen would be a great option...I thought he was one of their best and most valuable performers during the playoffs and we need a back who can contribute in the passing game as well. Jets have been missing that piece since LT retired
Jetsfan0099 Icon : (21 February 2015 - 01:41 PM) Mariota ran a 4.52
Jetsfan0099 Icon : (21 February 2015 - 01:41 PM) Fastest for a QB since RG3
MikeGangGree... Icon : (21 February 2015 - 03:52 PM) SUCK FOR THE DUCK
ganggreen2003 Icon : (22 February 2015 - 04:46 PM) BREAKING NEWS: The New York JETS will be trading their #6 pick to Tampa Bay's #1 pick for a BAG of Shit and Darrelle Revis after he is signed in FA and sent back to Tampa Bay. - Source is Tom LaCanfora Glazer de la Menefee
santana Icon : (24 February 2015 - 03:18 PM) UEFA TIME
Chaos Icon : (25 February 2015 - 09:46 AM) http://seattle.sunti...-video-released
2JBallar01 Icon : (25 February 2015 - 04:54 PM) @RapSheet: The #Packers released LB AJ Hawk, their former first-round pick. It saves them $3.5M this year, which comes off their cap
Jetsfan0099 Icon : (25 February 2015 - 05:13 PM) @AdamSchefter 58s59 seconds ago
Jaguars expected to hire former Jets GM John Idzik as a consultant, per source.
HarlemHxC814 Icon : (25 February 2015 - 06:04 PM) FIRE IDZIK
ganggreen2003 Icon : (25 February 2015 - 06:52 PM) AJ Hawk getting cut means that the Packers are going to try real hard to lock up Cobb
ganggreen2003 Icon : (25 February 2015 - 06:52 PM) and the Lions released oft injured Reggie Bush
Jetsfan0099 Icon : (25 February 2015 - 07:29 PM) The Packers had the cap space to lock up Cobb regardless
Jetsfan0099 Icon : (25 February 2015 - 07:30 PM) But Bryan Bulaga is also a FA< so they have 2 important guys to re-sign. I think the OT is more important for Rodgers
ganggreen2003 Icon : (25 February 2015 - 09:17 PM) 22 days 21 hours 27 min till FIRST DAY OF SPRING!!!!!
Jetsfan0099 Icon : (25 February 2015 - 10:06 PM) If we get rid of Harvin, Kevin White looks like a nice replacement.
Jetsfan0099 Icon : (25 February 2015 - 10:06 PM) 6'3 runs a 4.35 and had elite production in college
ganggreen2003 Icon : (26 February 2015 - 03:38 PM) NOT SO BREAKING NEWS: WINTER SUCKS
santana Icon : (26 February 2015 - 03:41 PM) Lol Liverpool
santana Icon : (26 February 2015 - 03:42 PM) epl teams sucking ass this year
ganggreen2003 Icon : (26 February 2015 - 04:41 PM) The Jills are negotiating with Josh "Tears of" McCown
ganggreen2003 Icon : (26 February 2015 - 07:24 PM) Now the Browns are trying to woo Josh "Tears of" McCown
MikeGangGree... Icon : (Yesterday, 01:59 PM) please please let the browns get him
ganggreen2003 Icon : (Yesterday, 06:40 PM) The Browns have signed Josh "Tears of" McCown
MikeGangGree... Icon : (Yesterday, 06:43 PM) YES!!
santana Icon : (Today, 12:18 PM) ESPN Jets reporter Rich Cimini speculates free agent Michael Vick may draw some interest from the Ravens.
santana Icon : (Today, 12:19 PM) vick stay here pls
ganggreen2003 Icon : (Today, 05:18 PM) Sucks Anthony Mason died
ganggreen2003 Icon : (Today, 05:19 PM) but Josh "Tears of" McCown is now a perennial loser going from Tampa Bay to Cleveland
ganggreen2003 Icon : (Today, 05:19 PM) going from one cesspool to another
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The Bush Tax-Cut Failure Voodoo economics

#1 User is offline   Mr_Jet Icon

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Posted 22 May 2013 - 02:36 AM

Quote

The Bush Tax-Cut Failure
May 21, 2013
by Bruce Bartlett

This post originally appeared on The New York Times Economix blog.

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President Bush touts his tax cut plan to a crowd at Lafayette Regional Airport March 9, 2001, in Lafayette, La. (AP Photo/Kenneth Lambert)

Ten years ago this month, Congress enacted the third major tax cut of the George W. Bush administration. Its centerpiece was a huge cut in the tax rate on dividends. Historically, they had been taxed as ordinary income, but the Bush plan, enacted by a Republican Congress, cut that rate to 15 percent. The tax rate on ordinary income went as high as 35 percent.

This initiative originated with the economist R. Glenn Hubbard, who had been chairman of the Council of Economic Advisers when the proposal was sent to Congress. Mr. Hubbard was a strong believer that the double taxation of corporate profits – first at the corporate level and again when paid out as dividends – was a major economic problem.

During the George H. W. Bush administration, Mr. Hubbard had been deputy assistant secretary of the Treasury for tax policy and wrote a Treasury report advocating full integration of the corporate and individual income taxes.

Mr. Hubbard had also spearheaded enactment of big tax cuts in 2001 and 2002 that he said would jump-start the American economy. In an op-ed article in The Washington Post on Nov. 16, 2001, he predicted that the soon-to-be-enacted 2002 tax cut, which President Bush signed on March 9, 2002, would “quickly deliver a boost to move the economy back toward its long-run growth path.”

Mr. Hubbard predicted that it would create 300,000 additional jobs in 2002 and add half a percentage point to the real gross domestic product growth rate.

There is no evidence that the tax cut had any such effect. The unemployment rate remained above 5.7 percent all year, rising to 5.9 percent in November and 6 percent in December. The real GDP growth rate fell each quarter of 2002, and by the fourth quarter growth was at a standstill. Hence the need for yet another big tax cut.

The idea of the 2003 legislation was to raise dividend payouts, thereby bolstering personal income, and raise the prices of common stock, which would improve household balance sheets. As President Bush explained in his signing statement, “This will encourage more companies to pay dividends, which in itself will not only be good for investors but will be a corporate reform measure.” He also said the dividend tax cut would “increase the wealth effect around America and help our markets.”

The Treasury Department issued a fact sheet on July 30 asserting that the decline in dividends had been a cause of the weak stock market and noting that dividend payouts had risen since enactment of the tax cut on May 28.

Subsequent research, however, found that the increase in dividends was a short-term phenomenon and mainly at companies where stock options were a major form of executive compensation. A 2005 Federal Reserve Board study found that the United States stock market did not outperform European stock markets after the dividend cut. Nor did stocks qualifying for lower dividend taxes outperform those, such as real estate investment trusts, that did not qualify for lower dividend taxes. Non-dividend paying stocks slightly outperformed dividend-paying stocks, and many corporations that did pay higher dividends scaled back stock repurchases by a similar amount.

Share repurchases were a common way that corporations returned profits to shareholders. They raised stock prices, which were untaxed as long as shareholders held the stock and were taxed at low capital gains tax rates when sold.

A 2006 Federal Reserve study found that a third of corporations cut share repurchases by the same amount they increased dividend payouts. Hence only the form of shareholder compensation changed, not the amount. A 2010 Federal Reserve study found little change in total dividend payouts after the 2003 rate cut as a percentage of corporate earnings. It concluded that the tax cut had little, if any, effect.

A 2008 study published in the National Tax Journal surveyed investment professionals to see their reaction to the dividend tax cut. It found that the tax cut was less significant than other factors, such as corporate cash flow and cash holdings that were unaffected by the tax change.

A 2011 study by the Treasury Department examined household portfolios. It found no evidence that households shifted their investments from those whose return was taxed as ordinary income into dividend-paying stocks whose income was taxed less.

Finally, a January 2013 study by Danny Yagan of the University of California, Berkeley, examined the impact of the 2003 tax cut on corporate investment. He found zero change.

It is hard to find even a reputable conservative economist willing to say anything good these days about President Bush’s tax and economic policies. In 2009, the Harvard economist Dale Jorgenson said he saw no redeeming features in them.

In 2011, the economist Alan Viard of the conservative American Enterprise Institute told Bloomberg News, “The effects of the Bush tax cuts on growth were ambiguous at best.” He added, “They were not much of a poster child for pro-growth tax policy.”

Even Mr. Hubbard now seems unwilling to defend the tax cuts he shepherded into law. Earlier this year, he was asked by The New York Times what he thought about the repeal of many of the Bush-era tax cuts on Jan. 1. He said many of those tax cuts were no longer relevant to our tax and economic problems.

Mr. Hubbard even suggested that higher revenues, long a Republican no-no, were not a bad thing. “We need a tax system that can promote economic growth and raise the revenue the American people want to devote to government,” he said.



-Bruce Bartlett held senior policy roles in the Reagan and George H. W. Bush administrations and served on the staffs of Representatives Jack Kemp and Ron Paul. He is the author of The Benefit and the Burden: Tax Reform – Why We Need It and What It Will Take. He’s been a guest of Bill’s twice on Moyers & Company.



Papa Bush had it right from the very beginning...

View PostFlyHiJets, on 01 June 2013 - 08:35 PM, said:

You're the scumbag that thinks everyone should kiss the as$es of a bunch of criminals but I'm a dumbass. Yeah okay douchebag. Go give some illegal wetback or Revis another blowjob. But then again.....don't you live in an entirely different country but yet think you can tell us how to live? Go fvck yourself little boy. You're likely still living with mommy & daddy. Pu$$y.


View Postazjetfan, on 02 July 2014 - 03:36 PM, said:

There are a few things I have realized about Mr. Jet over a few topics.

1) He is a racist. By constantly using race as a battling tool.
2) He is an extreme Liberal. If you are on either extreme you are probabaly more wrong than right.
3) He is one of those people who will never admit fault, error or defeat.
4)His life sucks and he takes it out on people who don't share in his views.
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#2 User is offline   azjetfan Icon

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Posted 22 May 2013 - 05:15 PM

You have to have a reasonable budget for a tax code to work. Something our government has yet to do effectively no matter the party for one reason or another. Some people want more taxes and the government to be more evolved with their lives and some do not. Time to put all this Liberal vs Conservative or Democrate vs Republican crap aside. It's fun to talk about but eventually something will need to be done.
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