Bush Tax Cut

Submitted By papaloy
Words: 717
Pages: 3
Open Document
Bush Tax Cuts Assignment Due Oct. 26

Write an essay in which you address the questions listed below. Your essay will be evaluated not on the basis of what position you take but rather on how well you defend your position. The essay may be up to 1,000 words long. It should be computer generated and printed. Please proofread your essay to eliminate spelling and grammatical errors.

Bush Tax Cuts

The tax cuts enacted in 2001 and 2003, known as the Bush tax cuts, are set to expire Dec. 31, 2010 and the fight over what to do is increasingly heated.
Should the tax cuts expire, as some Democrats have said?
Should they be extended, as most Republicans maintain?
Or does the answer lie somewhere in between, as the Obama administration, led by Treasury Secretary Timothy Geithner, has argued in recent weeks?

During the George W. Bush Administration there where two major tax cuts which are also known as "The Bush Tax Cuts". First of all we need to get familiar with what a tax cut is, and what does it represent. A tax cut is a reduction in taxes in which the immediate effects are, generally , a decrease in the real income of the government and an increase in the real income of those whose tax rate has been lowered. With this in mind, I can now give an educated opinion to whereas "The Bush Tax Cuts" should be extended, expire or lie somewhere in between. So, I along with all of the Republicans think that the Bush tax cuts should be extended for all of the tax payers.

First of all I think that the Bush tax cuts should be extended because most of the time tax cuts provide individuals and corporations with an incentive for investments which stimulate economic activity. This means that when individuals and corporations get tax cuts their real income immediately increases therefore giving this individuals and corporations more money to invest in their own company or in new projects, which in effect creates a higher economic activity. In time, the rise of economic activity would generate additional taxable income which in effect would generate more revenue than the one that was first collected at the higher rate, therefore increasing the governments income.

Secondly we can take a look back in history and see that since the 1920s until George Bush administration their have always been tax cuts that have resulted in total tax revenues increasing as there is not only more income available to tax to the higher classes, but the fact that many jobs created are created for the people in the lower classes means that the number of new workers in the lower classes have increased the amount of
Show More

Related Documents: Bush Tax Cut

The Debate of Social Security Essay

The Debate of Social Security COMM/215 ESSENTIALS OF COLLEGE WRITING Introduction Social Security can be a vital and reliable resource of income for disabled and retired citizens. However, although social security is available today, it may not be available in the near future. In this paper, you will find the history of social security, and its intended purpose to exist. The debates for the plans for social security will also be discussed; also, the attempts to reform social…

Words 750 - Pages 3

The Basic Choice Of A Politician Seeking To Stimulate A Moribund Economy

of the funds appropriated are actually spent in the fiscal year. According to his studies it takes that long to plan, engineer and begin construction. Also he stated that for every $6 spent in the Bush stimulus, only $1 actually got spent on goods or services. Five dollars out of every six in the Bush stimulus package of 2008 went to pay down debt items such as: mortgage, credit card, student loan or home equity (Dick Morris). Now if his numbers are correct dick Morris points out that, only 25 cents…

Words 932 - Pages 4

Chapter 40: End Of The Cold War Era

Many Americans just expected the government to fix their social and economic problems. He thought that the government has always been spending too much money. 6. What government programs (or types of programs) did Reagan get drastically cut? Food stamps and federally funded job training centers. Most social programs. 7. As to taxes, Reagan got them ______________ by _____%_. Reduce by 25%. 8. ID: Supply-side Economics. The book does not really define this. The book talks about it, and…

Words 2277 - Pages 10

Monetary Policy and Federal Reserve Essay

CHAPTER 16: ECONOMIC POLICY ECONOMIC POLICY: a law, rule, statute, or edict that expresses he govt.’s goals and provides for rewards and punishments to promote their attainment GROSS DOMESTIC PRODUCT (GDP): the total value of goods and services produced within a country MONETARY SPENDING KEYNESIANS: followers of the economic theories of John Maynard Keynes, who argued that the government can stimulate the economy by increasing public spending or by cutting taxes After WWII, Keynesian ideas guided…

Words 2321 - Pages 10

What Are Ronald Reagan's Major Accomplishments

He was a captain on the swim team, he ran track, and he played football. He continued in his leadership roles as well. He was elected to the office of student council president and also acted in school productions. He graduated in 1932. His first real job was a radio announcer in the state of Iowa. He continued in this line of work and in 1937 while covering baseball spring training, he did a screen test for the Warner Brothers. This was the beginning of his Hollywood career. Over the next thirty…

Words 1293 - Pages 6

Chapter 29 33 Study Guide Essay

start a business and perhaps stipends to cover the cost of college or technical school tuition and living expenses. However there was racial discrimination and men or women charged with homosexuality had to forfeit benefits. 2. Identify the domestic economic problems that faced the nation during the immediate postwar period. The first year after the war was difficult but the economy bounced back up, recovered by consumer spending. Most other factories around the world were in ruins so U.S. corporations…

Words 4370 - Pages 18

Essay about Economics Inequality

capitalist society: economic inequality. America, at the genesis of the millennium, is concerned not only about the current financial malaise but also about the economic future. The insecurity pinches right at the heart of the one concept that makes America unique: the American Dream. The once cherished view of America as the land of opportunity, where people from humble origins can- by hard work, determination, and ambition- achieve virtually anything is being shattered by the huge economic gap between…

Words 3817 - Pages 16

Bill Clinton Essay

and began dating. As Governor of Arkansas, Clinton overhauled the state's education system, and served as Chair of the National Governors Association. Clinton was elected president in 1992, defeating incumbent George H. W. Bush. Clinton presided over the longest period of peacetime economic expansion in American history, and signed into law the North American Free Trade Agreement. After failing to pass national health care reform, the Democratic House was ousted when the Republican Party won control…

Words 8036 - Pages 33

Ebooks Solution Manuals and Test Banks for Text Books Essay

Dear all, If u need anything from the list, do contact us anytime, we provide competitive prices and fast delivery after payment done. We are assisting students by providing them quality services regarding Solutions and Test Bank for courses. We hope that you people will like our service and get better grades. Please Contact us @ : solvedanswers@gmail.com solvedanswers@gmail.com Use CTRL + F to search the titles you looking for , if the title you searching is not in the list, do not…

Words 19224 - Pages 77

Risk And Return Essay2

part of the American Dream was becoming a reality for many families; homeownership. Through changes in laws such as the Community Reinvestment Act of 1977 and programs such as Neighbor Works America, increasing homeownership for minorities and low income families were becoming a reality. In 2011, Michael Bloomberg, Mayor of New York, stated, “It was not the banks that created the mortgage crisis. It was plain and simple, Congress who forced everybody to go and give mortgages to people who were on…

Words 1034 - Pages 5