BRUCE BARTLETT: The Fiscal Legacy of George W. Bush

[babylonsister]

Last edited Tue Jun 12, 2012, 09:40 PM - Edit history (1)

http://economix.blogs.nytimes.com/2012/06/12/the-fiscal-legacy-of-george-w-bush/

The Fiscal Legacy of George W. Bush
By BRUCE BARTLETT
DESCRIPTION

Bruce Bartlett held senior policy roles in the Reagan and George H.W. Bush administrations and served on the staffs of Representatives Jack Kemp and Ron Paul. He is the author of “The Benefit and the Burden: Tax Reform – Why We Need It and What It Will Take.”


snip//

Republicans would have us believe that somehow we could have avoided the recession and balanced the budget since 2009 if only they had been in charge. This would be a neat trick considering that the recession began in December 2007, according to the National Bureau of Economic Research.

They would also have us believe that all of the increase in debt resulted solely from higher spending, nothing from lower revenues caused by tax cuts. And they continually imply that one of the least popular spending increases of recent years, the Troubled Asset Relief Program, was an Obama administration program, when in fact it was a Bush administration initiative proposed by the Treasury Department that was signed into law by Mr. Bush on Oct. 3, 2008.

Lastly, Republicans continue to insist that tax cuts are highly stimulative, often saying that they add nothing to the debt, when this is obviously ridiculous.

Conversely, they are adamant that tax increases must not be part of any deficit-reduction package because they never reduce deficits and instead are spent. This is also ridiculous, as the experience of the Clinton administration clearly shows. The new C.B.O. data confirm these facts.

[Jackpine Radical]

1. Permit me to be the first

to stridently holler "Link?"

Thanks for the article.

[babylonsister]

2. So sorry...link is HERE:

http://economix.blogs.nytimes.com/2012/06/12/the-fiscal-legacy-of-george-w-bush/

[devany]

3. The 2-4-8 Tax Blend Should be Embraced by All Democrats

"Republicans would have us believe that somehow we could have avoided the recession ..." might be more correctly stated by acknowledging that the tax code, including the Reagan tax cuts, destroyed the middle class by redistributing income and wealth to the top over 20 years. Mr. Bartlett's work for the Republican administrations is now being atoned by his frequent articles in the New York Times and an admission that real tax reform is needed. He is an expert on everyone's mistakes but he just doesn't have any real solution for the tax code and the economy.

My Tax Reform Dare (if you enjoy real tax reform)

The 2-4-8 Tax Blend is a powerful and resilient way to tax because it adds a VAT ($10 trillion sales base) and net wealth tax ($53 trillion individual base) to the income tax ($13 trillion individual and corporate base). The Bowles-Simpson Commission was not permitted to consider these tax bases and congress apparently does not think the economy is important enough to even study the options. The tax blend is simple, efficient and so fair that it does not give a partisan advantage to either Democrats or Republicans.[Can I write that on this web?] It is balanced to help everyone prosper and to pay more taxes only as they do.

For Business: 8% corporate rate and 4% VAT - (“tax perfection” with no downside)
For Individuals: 8% individual rate and 2% net wealth - [excluding $15,000 savings and all retirement funds]

It produces $500 billion more in revenue [about 18.5% of GDP] with no need for payroll, estate, and capital gains taxes or deferral of foreign income. This simple tax code creates an economic ecosystem of sustainable growth and investment freedom. With no (Democratic) government stimulus or (Republican) tax expenditures, a typical family would save or spend $640 more per month, business would add jobs to meet the increased demand and owners would reap handsome profit the old fashion way - by keeping 92% of income.

After six months of writing blogs and comments; no person has identified a legal, logical or economic flaw outlining why the 2-4-8 Tax Blend would not produce sustainable economic recovery. If anyone can demonstrate why this tax reform will not work I will take down my web at www.TaxNetWealth.com. Please note that I do not consider making it too easy to tax or fears of runaway congressional spending as valid objections to any tax plan.

Eugene Patrick Devany, JD, MPA

[babylonsister]

4. I can't pretend to understand what you wrote, Eugene, but keep posting,

and make this your own topic for more eyes. I imagine you'd get a lot more feedback. And welcome to DU!