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Tax-cuts Tax-Cuts and the Bush War Budget by Sophia Barkat Tax-cuts anyone? Here's my explanation. Let me know what you think: Tax-cuts for high-income groups - top 10% - are mostly capital gains tax-cuts. Capital gains not taxed simply gets re-channeled into the Stock Market. At a time when the Stock Market is doing poorly, people in high-income groups are probably buying more fixed income. As it is rich people buy a lot of fixed income compared to stocks. This might make available money to buy more of the Govt. Bonds that Bush Jr. proposes to float to finance his huge deficit budget. This re-investment of money in Govt. bonds means that the government gets the money back - especially if the demand for alternative financial securities is low. Bush is pretty sure the tax-cut money is going to come back to him as borrowings on government bonds. So why even give back tax cuts? Because he wants to keep his voters -top 10% - happy. He wants to run for President again. Giving back 730 billion is bound to get him some solid campaign finance support. Perhaps, that is why tax-cuts are important to him. Proponents of tax-cuts say that tax-cuts boost spending. This is not a widely held fact by economists. There are some shuffling within the work-force taking place right now, but none of it is due to tax-cuts. The interesting thing is at a time when the computer industry has shrunken greatly, the labor force thus laid off have been absorbed by an expanding defense industry - a terrorism perpetuated need for computer security etc. Tax cuts were not necessary for this to have happened. Bush Jr. could have stuck to taxing the people and spent money on defense products all the same. The actual change in accounting from TAXES to BORROWINGS doesn't change how the total money is spent, after all. Fair Taxes for All by Sophia Barkat If you're wondering what the tax debate is all about,here's one site covering it in-depth: http://www.fairtaxesforall.org/ Of course, it seems to be a pro-Democrat organization, if you notice the link about "what women and elderly voters think" ---- http://www.fairtaxesforall.org/facts/women.shtml However, the perspective is not bad. It claims that Bush Jr. - or in this case his Economic Advisors and Speech Writers - misrepresented data to show that small businesses would do better: http://www.fairtaxesforall.org/facts/small_businesses.shtml A lot of big names in Economics and Business shared their two-bits of opinion on the topic, but it seems that no one is concerned with the most disturbing aspect of Bush Jr.'s or for that matter any US Budget since Reagan. The reason for public concern should not only be that tax-cuts are being given to the rich at a time of huge Govt. spending or when the deficit is already high. From the way Congress is passing huge tax-cuts bills -- 350 billion may not be what Bush Jr. wanted but it's still quiet large -- and no one is focusing on the fact that tax-dollars are being spent on so-called defense products that do nothing for the economy unless they are dropped on people's heads, it is easy to start congratulating Congress for things they don't do enough. The concern should be on tax-use. The huge deficit is created by the huge military budget, the bulk of which does not go to pay for personnel nor veteran's benefits, but to the purchase of destructive and expensive weapons. Slashing the military budget and using it in Peaceful and Creative projects would give back to people more than any tax-cut plan Bush can ever come up with. It's called "Investing in your People" - something that the US Govt. has no interest in. |
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