President Bush made a fantastic radio address this morning. In it, he talks about how he will sign the Working Families Tax Relief Act next week, providing tax relief to millions of married couples, families with children and low income families. GREAT news. Also, he pointed out that the unemployment rate is 5.4 percent, which is a VERY healthy number, and in fact lower than the average rate for the 70, 80s and 90s. Jobless recovery? WRONG. The economy grew 3.3% last quarter, another sign that our economy is on track. Don't let the left persuade you that the economy is bad. It's not. Here's the text and link: http://www.drudgereport.com/flash.htm PRESIDENT GEORGE W. BUSH DELIVERS WEEKLY RADIO ADDRESS Sat Oct 02 2004 11:11:30 ET BUSH: Good morning. Next week, in Iowa, I will proudly sign the Working Families Tax Relief Act. This bipartisan law is good news for America's families. It keeps in place major portions of the tax relief we passed over the last three years. It preserves marriage penalty relief, the thousand dollar child tax credit, and the expanded 10-percent tax bracket. The law also increases the refund limit on the child tax credit, which means about 7 million low-income families will get higher refund checks next year. Because we acted, 94 million Americans will have a lower tax bill again next year, including 70 million women and 38 million families with children. I met many families that are benefiting from tax relief, including Gary and Angela Brown, from Springfield, Missouri. Gary works at a manufacturing company, and Angela stays at home with their four children. Last year, the Browns saved about $3,000 on their taxes. They used some of that money to put a down payment on braces for their daughter. If Congress had not extended tax relief, the Brown's tax bill would have gone up $1,500 next year. Now, because we acted, they will be able to keep and use that money. The tax relief has helped millions of families, like the Browns, to spend, save, and invest for the future. Thanks to their hard work, America's economy is strong and getting stronger. This week brought more evidence that tax relief is helping our entire economy move forward. The economy grew at an annual rate of 3.3 percent in the second quarter. America's economy has been growing at rates as fast as any in nearly 20 years. And for 12 consecutive months, our economy has been creating jobs. We've added 1.7 million jobs since August, 2003, including 107,000 manufacturing jobs since January. The unemployment rate is now 5.4 percent, down almost a full point since June, 2003, and below the average rate of the 1970s, 1980s, and 1990s. The home ownership rate is at an all-time high, and new home sales are still rising. After-tax income is increasing, which means workers are keeping more of their paychecks. The tax relief we passed is working. Having extended tax relief, we must take additional action to strengthen our economy so every American who wants to work can find a job. To create more jobs, we need to reduce the burden of regulation on small businesses. We need to end the junk lawsuits that keep entrepreneurs from creating new jobs. Congress needs to pass my energy plan to make America less dependent on foreign sources of oil. We need to open more foreign markets to American products and ensure that other countries play by the rules. We must continue to spend taxpayer dollars wisely in Washington, D.C. And to help families and small businesses plan with confidence, we need to make all of the tax relief permanent. Some politicians in Washington have a different view of tax relief. When I proposed tax relief for working families in 2001 and 2003, Senator Kerry and other Democratic leaders voted against it. In fact, Senator Kerry has voted consistently against marriage penalty relief, against increasing the child tax credit, and against expanding the 10-percent bracket. Now Senator Kerry and the Democrat leaders are proposing a lot of new federal spending, and the only way to pay for all their promises is to raise taxes on working families. You know where I stand. Higher taxes are the wrong policy for this growing economy. Our families and our country are better off when government lets people keep more of what they earn. And that is why I'll work with Congress to keep taxes low, and that is why I will proudly sign the Working Families Tax Relief Act of 2004 into law. Thank you for listening. END
Of course, Kerry's plan would keep this tax cut in place and would only work to rescind recent tax cuts that only affect the top 2%, meaning that he has a plan to keep the tax relief for the working families that Bush is pandering to AND to better pay for the war, homeland security, and healthcare. John Kerry just has a better plan. What he conveniently leaves out is that we have STILL lost a million jobs since he took office, jobs that were leaving the economy well before the 9/11 attacks and corporate scandals. he also chooses to ignore the fact that the employment numbers leave out the millions of people who have simply given up looking for work because the economy has been so bad for so long. Simply citing the unemployment rate also does not factor in underemployed like all the degreed people slinging java at Starbucks, you know, the primary reason behind declining average salaries in this country. My criticism of the 3.3% growth rate is the fact that virtually all of this positive growth came from government spending, which especially in wartime is not an accurate indicator of strong economic growth. Consumer confidence is and has been consistently down, energy prices are skyrocketing, and those that have not been outsourced or downsized have taken pay cuts. College graduates are going to work as waiters and bartenders because there are no jobs in their chosen fields. I am not saying the sky is falling, but though the economy might be as good as mediocre, it is not by any stretch good.
1. Always be wary of what someone says when he has a particularly large stake in the matter, especially when non-partisan groups say differently. 2. If a historically partisan thinking poster posts something expounding a bunch of positive facts with the intention of influencing how others think, take it with a grain of salt the size of a salt lick.
I wasn't commenting on when the scandals started, I was saying that the economy was losing jobs before 9/11 and the scandals took THEIR toll on the economy.
He cites the Congressional Budget Office which reported that the "Capital gains cuts are least likely to stimulate the economy" and Goldman Sachs, which claimed that the dividend tax cut was “especially ineffective" for accomplishing the stated goals. Congratulations on a post that actually asked a civil question and avoided demagoguery of any kind.
I really don't eat fish. My point was many people bring up the corporate scandals (Enron) as if Bush were the cause. Don't take everything so personally.
So andymoon, I assume from your post that Kerry intends on rolling back the cuts to the capital gains tax rate and the dividend tax rate? Thank you in advance for your answer.
Since those are taxes that affect the top 2% almost exclusively, I believe that those are two instances of taxes that Kerry would like to see reinstated. I would rather have someone who actually has a plan to pay for all of our priorities rather than writing off trillions MORE to the national debt.
Thank you kindly sir, for falling right into my trap. 1. In 1999, nearly 50% of all households held shares of stock, thereby making them subject to both capital gains taxes AND dividend taxes, depending on the type of stock they held. Today's percentage probably isn't far removed from the level in 1999. http://registeredrep.com/mag/finance_nearly_percent_households/ 2. John Kerry's campaign promises total well over 2 trillion dollars, far FAR outpacing Kerry's announced tax increases by over 1 trillion dollars. Where do you think that money will come from? See point 3. 3. In Kerry's 19 years in the Senate, he has voted to increase taxes 98 times and voted against tax cuts 126 times. These votes include votes for a $0.50/gallon hike on gas taxes and increased taxes on Social Security benefits to Seniors. He has also directly targeted the middle class with his tax hikes. He voted 22 times against the marriage penalty tax relief. He voted 18 times against expanding the child tax credit. He voted 7 times against the adoption tax credit. Clearly, he has no regard for the middle class or even the lower class when it comes to taxation. 4. John Kerry has released twice information that says he will restore the top two rates for income taxes to their 2001 level. Do you know where these rates begin? UNDER $150,000 in annual income. This level of income clearly is not the richest of the rich. So Mr. Moon, with the facts laid out, you have been overwhelmed by evidence. John Kerry will raise tax on 50% of households in this country, will raise taxes on every earner who makes over $150k annually, and may follow through on his past votes of raising taxes on families with children, consumers who purchase gasoline, or families who adopt children. ANDYMOON, DO YOU CALL THAT THE RICHEST 2%? Of course not, it's pure insanity to think that this represents the richest 2%. On the topic of taxation, John Kerry is perhaps THE MOST LIBERAL SENATOR IN THE COUNTRY. HE WILL RAISE YOUR TAXES because frankly he thinks he can spend your own hard earned money better than you can. Only the most gullible would believe his campaign promises. History doesn't lie, brother. Look at his votes, look at his past. Make the connection. andymoon, this post shall serve as two lessons for you. 1) John Kerry's tax policy will impact well over half of Americans. 2) Never EVER attempt to match wits with The_Conquistador. OWNED
Excuse me for my ignorance, but doesn't that show he votes against increased taxes more than for? Also, what is his record on voting on tax cuts?
I don't feel it is necessary to set traps, I just talk plainly, tell the truth, and look for others to do the same. In 1999, everyone and their grandmother had thousands of dollars in something in the market, but several things have changed since then. In case you hadn't noticed, as many "liberal" economists correctly predicted (heck, even Friedman himself was calling it, though a little late) that the bubble economy would burst eventually. I would not make the assumption that you make that the percentage is similar today. I would be open to looking at facts, but your assumptions are far different from mine. Well, I seriously doubt that with a GOP controlled Congress that he will be able to push through even half of the domestic programs that he wants. Kerry is planning on keeping middle class taxes where they are now, which will provide plenty of "stimulus" from that sector. Rolling back the taxes that only give money to the top 2% is the smart way to do things now that the economy is showing signs of recovery. It is obvious that the business side of the economic circle is moving along quite well, we need to stimulate the other side, the demand side, by providing the kinds of opportunities that Kerry wants. Kerry will give plenty of tax breaks to companies that hire more Americans, particularly in the tech sector, where I personally know dozens of people who are un- or under-employed. This will help to raise the average incomes in America (averages that have declined under Bush) and will end up raising consumer confidence, which with rising incomes would seriously shift the demand curve to the right. I, like your mouthpiece when it comes to his record, prefer to look at what John Kerry plans for the future. Your numbers themselves show that Kerry votes for lower taxes more than higher taxes and I personally believe that a $0.50 additional gas tax could help spur innovation in hybrid and electric automobile technology. Kerry also plans to devote much of that gas tax to tax credits for companies that research and develop alternative fuel technologies that will reduce our need for foreign oil FAR more rapidly and FAR less expensively than drilling in ANWR. Perhaps not, but they and the people above them can easily afford the marginal tax increase that Kerry is proposing. Personally, I don't care if MY taxes go up as long as we pay for all the crap we have going on now and stop the extraneous spending binge that this Congress and President have been on. They have increased the amount of total spending even when you factor out Homeland security and the various military actions. Kerry wants to reduce the deficit and so do I. This administration has mortgaged the costs of their actions for another generation to take care of and that is wrong. Yeah, right up until you look at actual facts, huh? If you find updated numbers to support this naked claim, I might buy it, but millions of people got out of the stock market when the bubble burst and most have not returned. You and I both know that the capital gains tax and the dividend tax affect the top 2% almost exclusively. If that $150,000 income guy has kids, he will pay lower taxes under Kerry. If they are in college, Kerry will do more to help that family. The people that will be affected almost exclusively by Kerry's tax hikes will be the top 2%. Like I said, I wouldn't mind paying more taxes myself if just to pay for the war. Isn't that the duty of all good Americans? And your numbers themselves showed that Kerry votes for lower taxes significantly more than he votes for higher ones. The gas taxes will go to a cause that may allow us to extricate ourselves from the oil barons in the Middle East, and Kerry will do FAR more for families with children than Bush has. At the very least, he promises to keep the tax cuts that the VAST majority of those families have already received. In addition, Kerry will fight to see that their kids have healthcare, decent educations, and the ability ot go on to college in the future. You did well avoiding the shouting and namecalling up until here, but my previous responses cover all of your ranting here. OOOOOH, OOOOOOH, I get to LEARN something, too! AWESOME! See above. See below.
I gotta on this one. Considering how much spending this administration has done. Of course people of GW's generation don't have to worry about paying higher taxes or interests rates to cover that spending. Its going to be 30 something people like me and younger, our kids and their kids who are going to be stuck with paying GW's credit binge. If GW and congressional Republicans are going to blame the Democrats for raising taxes to balance the budget at least they're trying to balance the budget than leaving the mess for the rest of us.
Trader Jorge; You know as someone who generally supports dividend tax cuts, I was going to back you up until you got to the end. A little humility goes a long way.
But lets look at how much the stock affects the 98% of the American families. I would love for statistic that shows me how much the average American families paid. The main thing is, the national debt will become a huge problem in 10 years, compounded by social security going broke. The debt interest payment every year is already more than almost all social programs (medicare, welfare, education etc) combined. We have money for those things, its the debt that we can't get out of. This isn't just about Bush or Kerry, Democrats or Repulicans, I don't know if any of them would have a good plan. This about how royally screwed my generation will be when we are 35. This worries me more than anything else.
