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 Who did the numbers on the Bush Tax Cuts?   8 Nov  2010 

 Article by Tom McMasters
Executive Summary  -- 
It's become "common knowledge" that cutting taxes strengthens the economy.  I wonder if this "common knowledge" came about because it's been true in the past, it's always true or because it's a catchy slogan - Tom McMasters 
 

In 1959 the top marginal income tax bracket was 91%, we proved revenue from income taxes is lower when tax rates are this high.  On the other hand it's obvious that if we lower the tax rate to zero income tax revenues will be zero. What is the "price point" of the highest income tax bracket?  In 1998 the highest marginal tax bracket was 39.6%.  With this tax rate the economy was good and the budget was balanced.  The Bush tax cuts lowered this rate to 35%.  Is it possible lowering the tax rate on the highest income from 39.6% to 35% put the country on the bad side of the price point and actually caused the deficit and bad economy?  

Unfortunately, we just had a big election and we as a population did nothing to force our Representatives to prove they've even thought about economics much less understand it.  At the personal level I'm definitely for the lower taxes.  I'd like to believe we could lower the tax rate to zero, but the country needs to balance the budget and get rid of the national debt.  To me that means we need to figure out the top of the curve for economic strength. If the Bush tax cuts caused this recession and the massive deficits which followed then lets fix the problem where it started. Now some of the more "conservative" Fox News watching individuals reading this may be saying to themselves "it was the Obama stimulus that caused a bigger deficit".  But what most "conservatives" don't acknowledge is that $287 billion of the stimulus were more tax cuts.  Perhaps these "conservatives" should get on the balanced budget wagon and admit this $287 billion stimulus money would have been better off being used to reduce the debt.     

I was watching cable news and they highlighted comments expressed by David Stockman's on ABC's  "This Week"   Though I obviously get some of my thoughts from conversations heard in the media this isn't one of those cases and I was glad to see other people are coming to the same conclusions independently.                      

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Read my article 50% of Americans don't Pay Income Taxes 

 
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Background: tfmsview, The Online Magazine; publishes commentary and opinion by Thomas F. McMasters.  Tom McMasters achieved ballot position for Ohio ’s 8th Congressional District Republican Primary as an alternative candidate to Rep John Boehner.  The congressman from the 8th district represents the people from Allen Township, Jacksonburg, Ansonia, Ludlow Falls, Arcanum, Maria Stein, Beckett Ridge, Mayfield, Bradford, Middletown, Burkettsville, Montezuma, Butler Township, New Bremen, Camden, New Miami, Casstown, New Paris, Celina, New Weston, Chickasaw, Newberry, Coldwater, North Star, Dayton, Osgood, Eaton, Oxford, Eldorado, Piqua, Fairfield, Pleasant, Fletcher, Potsdam, Fort Laramie, Rossburg, Gasper Township, Sommerville, Gibson Township, St Henry, Gordon, St Marys State Park, Grand Lake, Staunton Township, Granville, Tipp City, Greenville, Trenton, Huber Heights, Troy, West Manchester, Union City, West Milton, Versailles, York , Wayne Lakes   It covers Darke, Preble, Miami , Mercer and parts of Montgomery and Butler counties. Newspaper and television stations that serve the district include: The Middletown Journal, WCPO, The Cincinnati Enquirer, The Dayton Daily News, The Fairfield Echo, The Hamilton Journal-News, The Huber Heights Courier, The Middletown Journal, The Oxford Press, The Piqua Daily Call, The Daily Advocate, The Daily Standard, The Oxford Press, The Tipp City Herald, The Tipp News Daily, WCET, WDTN, The West Milton Record, WGRT, WHIO, WKEF, WKRC, WLWT, WPTD, and WXIX. 

Tom would like to thank all the Ohio voters and absentee voters that took the time to find their voting places and precincts to cast their ballots in his bid to become a member of the US House of Representatives.  American politics and Ohio politics benefits from all the new people becoming engaged in the political discussions.  The registered voters that identify with The Ohio Tea Party, Coffee Parties, Constitution Party and others engaged in the political debates will help strengthen the incumbent and all challengers. 

 Now that the primary is over Tom has again embraced his tfm persona as a political commentator; offering insight into issues such as the budget deficit, the national debt, taxation, healthcare reform.  The website is set up as a political blog but it delves into other categories concerning basic American and Ohio life.  Also, contributions and comments by all readers is always welcome.



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