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FORUMS General Discussions Politics Tax Cuts and Voodoo Economics, or why Tax Cuts are not an economic pancea
TOPIC: Tax Cuts and Voodoo Economics, or why Tax Cuts are not an economic pancea
Created by: sappholovers
Original Starting post for this thread:
Time and again, I've seen posters spout off about the virtues of tax cuts as a stimulus to the economy. They are experts in what GHW Bush once called "voodoo economics"--his description of Reagan's economic policies.

So let's consult an acknowledged expert on the economy, one of the richest people in the world, who calls Bush's tax cuts "CLASS WELFARE FOR HIS CLASS" (the rich).

Buffett slams dividend tax cut One of world's richest calls plan 'voodoo economics,' says it puts burden on low-income families. May 20, 2003: 10:41 AM EDT NEW YORK (CNN/Money) - Renewing his criticism of the dividend tax cut laid out by the Senate last week, Berkshire Hathaway's Warren Buffett called the proposal "voodoo economics" that uses "Enron-style accounting."

The Senate's plan for dividends to be 50 percent tax free in 2003, 100 percent tax free in 2004 through 2006 and then face the full tax in 2007 would "further tilt the tax scales toward the rich," Buffett wrote in an opinion piece in the Washington Post. From May 20, 2003 Washington Post:

More criticism of Bush's tax cuts by Warren Buffet:

"Proponents of cutting tax rates on dividends argue that the move will stimulate the economy. A large amount of stimulus, of course, should already be on the way from the huge and growing deficit the government is now running. I have no strong views on whether more action on this front is warranted. But if it is, don't cut the taxes of people with huge portfolios of stocks held directly. (Small investors owning stock held through 401(k)s are already tax-favored.) Instead, give reductions to those who both need and will spend the money gained. Enact a Social Security tax "holiday" or give a flat-sum rebate to people with low incomes. Putting $1,000 in the pockets of 310,000 families with urgent needs is going to provide far more stimulus to the economy than putting the same $310 million in my pockets.

When you listen to tax-cut rhetoric, remember that giving one class of taxpayer a "break" requires -- now or down the line -- that an equivalent burden be imposed on other parties. In other words, if I get a break, someone else pays. Government can't deliver a free lunch to the country as a whole. It can, however, determine who pays for lunch. And last week the Senate handed the bill to the wrong party.

Supporters of making dividends tax-free like to paint critics as promoters of class warfare. The fact is, however, that their proposal promotes class welfare. For my class."

SO BUFFET CALLS BUSH'S TAX CUTS "CLASS WELFARE" FOR HIS CLASS--THE VERY RICH.

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Desty, djack, perfect

No cut & paste. No arts & crafts. Just answer the question --- "Are you now or have you ever been a McCain supporter." (lol)

Key West FL
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Desty are you still voting for McCain?

Key West FL
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obviously you do not read or check in on what your libs are saying, that is how much they have increased the give aways in a week to buy votes. Now that is the blindly being lead liberal, hook in the nose island I am used to!

Destin FL
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Desty

"proposed 50% increase if elected"

Just yesterday you were quoting 25%. What happened did Rush kick up the ante? Tomorrow it will probably be 100% then 200%...

Don't forget to check the lemming report early.

Key West FL
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hey island, you are the only lemming believing the democrats excessive spending and proposed 50% increase if elected will either help the economy or do anything but destroy the country. We are right, you are the ostrich with your head in the sand.

Destin FL
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Desty

Keep in step now --- left, right, left, right. Get in line with the other Lemmings and start this righty parade - where's the cliff.

Key West FL
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Yes.

welcome to hitlary and hussein marxism, been tried, did not work before, why do they think it will work now?

Destin FL
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Desty

Is that your way of sheepishly saying yes I'm going to be a good Lemming and vote for the one with the "R" next to his name.

No cut & paste. No arts & crafts. Just answer the question --- "Are you now or have you ever been a McCain supporter."

I love this part.

Key West FL
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Liberalism’s distortions of the normal ability to reason can only be understood as the product of psychopathology. So extravagant are the patterns of thinking, emoting, behaving and relating that characterize the liberal mind that its relentless protests and demands become understandable only as disorders of the psyche. The modern liberal mind, its distorted perceptions and its destructive agenda are the product of disturbed personalities. As is the case in all personality disturbance, defects of this type represent serious failures in development processes. Dr. Lyle H. Rossiter

Destin FL
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Desty

So you are now going to capitulate and hold your nose and vote for Grandpa McCain? He voted against all the Bush tax cuts. He partnered with Ted Kennedy on immigration. He hugged Hillary on the Senate floor. His best friend in the Senate is John Kerry -- maybe his VP. This doesn't sound like a Desty type of candidate.

What brought you to this epiphany?

Key West FL
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TOPIC: Tax Cuts and Voodoo Economics, or why Tax Cuts are not an economic pancea