Bush Tax Cut - Anthony Szeto Intro Eco 1301 Professor...

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Anthony Szeto Intro Eco 1301 Professor Gregory Williams April. 27, 2011 Bush Tax Cuts A tax cut is often thought of as the magical solution to our economic problems, but a tax cut is not always what it seems. On June 7 th , President Bush has signed into law the biggest reduction in federal taxes since 1981. Some Democrats say the tax cut will divert revenues that the federal government needs to spend on education, prescription drugs and other priorities, but Bush says it will supply a timely stimulus to the economy. The Bush proposal was not effective in any way in improving the economic conditions; the bill favored much of the wealth people in this country. There are three main reasons to why Bush tax cuts only benefited wealthy individuals and only did little for the lower income families. For starters, the Billions of dollars in tax breaks for the wealthy is just about the least efficient use of that money, Bush taxed cuts didn’t deliver what was promised, and lastly the tax cuts for nearly all Americans and American small business would stay in place. With that said, the country was going to face a Great Recession about three years ago but was prevented through government efforts. Many Americans in this great nation of ours was in a state were high unemployment rate was happening from west to the east coast. Majority of the unemployment’s were in very much in trouble because many were in debt and relied on a job to pay for bills and be able to sustain themselves but the unemployment kept getting worse in the nation and people
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thought the nations was going to be in a Great Recession and many panicked during the tough times. Many businesses across the country have felt the burden by the economic conditions. At the time many Congress leaders have been trying to pass bills to advert or levy the situation but there were conservatives that were refusing to accept the new policies because their concern was the deficit. Many Senator officials have been in Congress trying to fix the situation such as Senator Mike
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