27-05-2003 21:40									#31
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the tax cut made sense in theory, but here we are 2 years later and do you think its made the impact it was proposed it would? im still waiting *taps foot, looks at watch*

	27-05-2003 21:41									#32
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What's the current deficit count, including that tax cut? About 400/450 billion $ federal, 100 billion $ state/local?

	27-05-2003 21:43									#33
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the tax cut made sense in theory, but here we are 2 years later and do you think its made the impact it was proposed it would?

Sure. Just think what it would have been like without the stimulus.

	27-05-2003 21:46									#34
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i dont think it would be that different.

	27-05-2003 21:47									#35
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quote: Originally posted by DanS the tax cut made sense in theory, but here we are 2 years later and do you think its made the impact it was proposed it would? Sure. Just think what it would have been like without the stimulus.

Of course you can say that if you keep calling it a stimulus.

	27-05-2003 21:48									#36
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MRT: Well, that settles it then.

	27-05-2003 21:48									#37
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IIRC, about 1.6 out of 2.1 million jobs were lost since the 2001 cut, so I'm not holding my breath for a massive wave of stimulus.

	27-05-2003 21:50									#38
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Yeh, so what? 9/11 happened after the tax cut too.

	27-05-2003 21:56									#39
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quote: Originally posted by DanS MRT: Well, that settles it then.

is there a way to measure how much the tax cut contributed to the economy? if i remember correctly the tax cut was small potatoes for most working people and in economicly poor conditions when consumer spending is down, people probably would have saved that money rather than spend it.

considering that a large part of that cut went to people (the rich) who already save a lot of money, i just cant see how it prevented any worse economic conditions from happening.

	27-05-2003 21:59									#40
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Tax cuts

And if we have to slash social programs, even better.

	27-05-2003 22:01									#41
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is there a way to measure how much the tax cut contributed to the economy?

Not really. There are models of how much it contributed, though.

if i remember correctly the tax cut was small potatoes for most working people and in economicly poor conditions when consumer spending is down

Let's review what it did. Increased child allowances. Gave a $300/$600 refund to everyone, whether they paid federal income taxes or not. Created a 10% tax bracket for the lower middle class. Reduced tax brackets for everyone. Reduced the marriage penalty. Total 10 year price tag: $1.35 trillion. Almost all of this was demand-side stimulus.

	27-05-2003 22:04									#42
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quote: Originally posted by HershOstropoler What's the current deficit count, including that tax cut? About 400/450 billion $ federal, 100 billion $ state/local?

I got $257b for federal and $147b for state/local at the end of 2002, but both those numbers are larger now.

http://www.federalreserve.gov/relea...rrent/z1r-2.pdf

	27-05-2003 22:10									#43
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dp

	27-05-2003 22:12									#44
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quote: Originally posted by DanS is there a way to measure how much the tax cut contributed to the economy? Not really. There are models of how much it contributed, though. if i remember correctly the tax cut was small potatoes for most working people and in economicly poor conditions when consumer spending is down Let's review what it did. Increased child allowances. Gave a $300/$600 refund to everyone, whether they paid federal income taxes or not. Created a 10% tax bracket for the lower middle class. Reduced tax brackets for everyone. Reduced the marriage penalty. Total 10 year price tag: $1.35 trillion. Almost all of this was demand-side stimulus.

The rebate worked. So why not do it again? If they really wanted to stimulate the economy they would.

	27-05-2003 22:21									#45
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The rebate certainly stimulated my personal economy. The extra $30 per pay check has come in handy also. I really liked the rebate idea!!

	27-05-2003 22:22									#46
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quote: Originally posted by Kidicious I got $257b for federal and $147b for state/local at the end of 2002, but both those numbers are larger now. [/URL]

Yup, the estimates for 2003 have been all over the place, but I haven't seen anything up to date. I think the effect of this tax cut was something like 60 billion $ in 03 and 120 billion $ in 04, but heaven knows whether this is still remotely accurate.

	27-05-2003 22:22									#47
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the rebate didnt work for me. course i dont make enough money for it really affect me.

	27-05-2003 22:24									#48
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quote: Originally posted by MRT144 the rebate didnt work for me. course i dont make enough money for it really affect me.

I didn't get one either, but I appreciate a stimulus plan that is actually designed to stimulate.

	27-05-2003 22:25									#49
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MRT: You got the rebate check whether you made the money or not. You only had to file a return the year before.

	27-05-2003 22:32									#50
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quote: Originally posted by DanS MRT: You got the rebate check whether you made the money or not. You only had to file a return the year before.

I thought that this was the case. What if they file now? Could they still get a check??

	27-05-2003 22:34									#51
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quote: Originally posted by DanS MRT: You got the rebate check whether you made the money or not. You only had to file a return the year before.

Actually you had to have had an overall tax bill.

	27-05-2003 22:34									#52
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Not sure. Don't think so. They were probably on somebody else's return as a dependent.

	27-05-2003 22:44									#53
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when i filed for 2002 all i got back was a 261 dollar rebate. what happened to my instant rebate? where did it go? and which ceo is lighting his cigar with my check?

	27-05-2003 22:45									#54
	Suffering from ads?

him!

BTW Bush is still a loony.

	27-05-2003 23:02									#55
	Re: US $350 Billion tax cut is likely $800 Billion Support Apolyton, buy GURPS/ Alpha Centauri

In reaction to the title : at least the war in Iraq looks inexpensive now

	27-05-2003 23:05									#56
	Re: Re: US $350 Billion tax cut is likely $800 Billion Support Apolyton or Terrorists Win

quote: Originally posted by Spiffor In reaction to the title : at least the war in Iraq looks inexpensive now

Yeah, they didn't spend anything on restructuring. They just waited to get the oil money to fund it. Too bad for the Iraqi people and our reputation.

	27-05-2003 23:08									#57
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quote: Originally posted by Azazel in the US, the education system will suffer much less, because it's a State, not a federal affair.

Do states have seperate state taxes? I thought the education system, though administered by the states was paid for by the federal government? I read an article the other day saying that public education in America was so bad it was no longer an option for those who can possibly afford anything better, and that Medicaid/care was no longer providing for anyone but the absolute poorest, so that many do not have enough money for health insurance, but are not covered by medicaid/care. And we though the NHS was bad

How bad is it, both healthcare and public education in America?

	27-05-2003 23:12									#58
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quote: How bad is it, both healthcare and public education in America?

For public ed., at least, the bulk of the money comes from local property taxes in that district, so the more affluent dictricts spend more per student, and, usually, get better quality education.

I say "usually" because Detroit is about the midrange for per-pupil spending, and the quality of the schools and the education is abysmal. A lot of corruption and nepotism don't help the cause, either.

	27-05-2003 23:15									#59
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The big problem with the educational systems in places like Detroit and Oakland is nobody wants to be bothered to run for the school board so they end up getting these extreme left or right wing types who want to push these extremist agendas.

Apathy will sink a ship no matter how much money you dump into it.

	27-05-2003 23:18									#60
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I read an article the other day saying that public education in America was so bad it was no longer an option for those who can possibly afford anything better

That's a wild exaggeration for most places.

and that Medicaid/care was no longer providing for anyone but the absolute poorest

What do you consider "absolute poorest"?

Anyway, the quality of care is generally quite high. But it's expensive.