The Week: Most Recent U.S. Economy:Bush Tax Cuts recent posts.en-usTue, 10 Jul 2012 07:46:00 -0400http://theweek.com Recent U.S. Economy:Bush Tax Cuts from THE WEEKTue, 10 Jul 2012 07:46:00 -0400Do the Bush tax cuts help the economy or not?<img src="" /></P><p>On Monday, President Obama called on Congress to temporarily extend the Bush-era tax cuts for people with incomes of up to $250,000 a year while allowing the upper-income tax cuts to lapse. All of the cuts expire at the end of the year, at the same time hundreds of billions in spending cuts are set to kick in &mdash; an economic train wreck that Washington has dubbed the "fiscal cliff," or Taxmageddon. Republicans say Obama's proposal raises taxes on the rich, and amounts to class warfare. "But the tax debate isn't really about whether we should consume the delicious, delicious bodies of the rich...</p> <a href="">More</a>By The Week StaffTue, 10 Jul 2012 07:46:00 -0400Democrats should extend the Bush tax cuts<img src="" /></P><p>Here's one Democratic compromise that could move the debt ceiling talks further along: Extend the Bush tax cuts for four more years.</p><p>Arguably, the Bush tax rates may be the single most important deal-maker on the table.</p><p>Here's why:</p><p>Both parties, Democrats and Republicans, have agreed that now is the time to take action on the federal deficit. Personally, I don't happen to agree: I think the time to act will be when unemployment drops below 8%, or interest on federal bonds rises past 4%. But who listens to me?</p><p>Regardless, both parties agree: This is the time to shrink our ballooning deficit...</p> <a href="">More</a>By <a href="/author/david-frum" ><span class="byline">David Frum</span></a>Wed, 06 Jul 2011 11:51:00 -0400The Bush tax cuts turn 10: Were they a 'colossal failure'?<img src="" /></P><p>This week marks the 10th anniversary of the first of President George W. Bush's two major tax cuts. Ten years ago, the federal government had a budget surplus, which Bush said belonged to the American people, and should be returned to them through lower taxes. That budget surplus has since vanished, as have more than 1 million jobs over the last decade. Were Bush's tax policies an economic blunder?</p><p><strong>Don't blame the Bush tax cuts:</strong>&nbsp;It's too simplistic to look at the Bush tax cuts and argue that tax cuts in general don't work, says Chris Edwards, the director of tax policy studies at the libertarian...</p> <a href="">More</a>By The Week StaffFri, 10 Jun 2011 08:00:00 -0400Should the rich give their tax-cut money back?<img src="" /></P><p>The compromise on extending Bush-era tax cuts has been approved, but three Ivy League professors are trying to keep the debate alive with a website encouraging the rich to donate their tax savings to charity. features a calculator that lets high-earners tally how much more they would have paid if Congress had let the tax cuts expire and suggests links to redirect those funds to "wise and just programs that our government would promote if it had not been hijacked" by Republicans. Worthy cause or cheap partisan gimmick?</p><p><strong>What a smug stunt:</strong> This has to be the "nitwittiest...</p> <a href="">More</a>By The Week StaffTue, 04 Jan 2011 13:42:00 -0500Could conservatives kill Obama's tax-cut deal?<img src="" /></P><p>The Senate is all but certain to pass the big tax deal reached between President Obama and Republican leaders, but the deal's future in the House is shakier. While Democrats opposed to the package appear resigned to its passage, anti-deal Republicans are getting increasingly vocal: Mitt Romney, Sarah Palin, Rush Limbaugh, and the Tea Party Patriots, among others, say the agreement delivers "short-term economic stimulus"&nbsp;&mdash; which could help Obama get reelected &mdash; without really addressing the country's long-term needs. Will House Republicans take note and scuttle the bill? (Watch...</p> <a href="">More</a>By The Week StaffWed, 15 Dec 2010 12:18:00 -0500What did Bernie Sanders' speech accomplish?<img src="" /></P><p>Sen. Bernie Sanders (I-VT) staged a one-man filibuster of sorts on Friday, speaking for eight-and-a-half hours on the Senate floor against President Obama's tax-cut deal with Republicans. (It wasn't technically a filibuster because Sanders didn't hold up Senate business.) The marathon harangue won accolades from liberals, crashed the Senate servers live-streaming the speech, and made the Vermont socialist a C-SPAN hit and the hottest topic on Twitter. (See video below.) But did the passionate ploy do anything other than raise Sanders' profile? (Watch <em>The Week</em>'s Sunday Talk Show Briefing on the...</p> <a href="">More</a>By The Week StaffMon, 13 Dec 2010 10:13:00 -0500The Obama-GOP tax truce: Good deal?</P><p>&nbsp;</p><div ><div ><iframe rel="" src="" width="420" height="451" frameborder="0" scrolling="no" allowtransparency="true"></iframe></div></div><p>&nbsp;</p> <a href="">More</a>By The Week StaffMon, 13 Dec 2010 09:20:00 -0500Did House Democrats doom the tax deal?<img src="" /></P><p>In an "open revolt," the House Democratic caucus have blocked President Obama's tax compromise with Congressional Republicans. The "outraged" Democrats want changes to the plan, especially a provision that would lower the estate tax from 45 percent to 35 percent. Vice President Joe Biden has called the current tax plan "take it or leave it," and the GOP says modifying the package could be a deal-breaker. Will the Democrats let the tax deal die, or is this just another step in the negotiation process? (Watch a PBS report about the Democrats' stand)</p><p><strong>It's deal-or-die time for Obama:</strong> "House...</p> <a href="">More</a>By The Week StaffFri, 10 Dec 2010 12:18:00 -0500Will Democrats get behind Obama's tax deal?<img src="" /></P><p>President Obama has struck his deal with Republicans on extending Bush-era tax cuts &mdash; now he has to sell it to his fellow Democrats. That might not be easy, given liberal anger over the fact that the compromise preserves the breaks for the rich, as the GOP wanted. Rep. John Conyers, an influential Michigan Democrat, vowed to "do everything in my power" to defeat it. Obama insisted it was "a good deal for the American people." But will he be able to convince enough Democrats to pass it?<br /><br /><strong>Obama might not get the votes he needs:</strong> President Obama has an "uphill task" in the Senate, says Katrina...</p> <a href="">More</a>By The Week StaffWed, 08 Dec 2010 10:37:00 -0500Did Obama 'sucker' the GOP?<img src="" /></P><p>Many Democrats are in open revolt over President Obama's tax-cut deal with Republicans, which extends the Bush-era tax breaks for the wealthy and makes the estate tax more favorable to multi-millionaires. But in monetary terms, say some, Obama actually got more out of the deal than the GOP. Is it possible that while Republicans pop the champagne and Democrats gnash their teeth, Obama actually outmaneuvered the GOP? (Watch Obama's announcement)</p><p><strong>Obama played the GOP like a fiddle:</strong> The GOP "won again on tactics," says Andrew Sullivan in <em>The Atlantic</em>. But in strategic terms, Obama just made a "sucker...</p> <a href="">More</a>By The Week StaffWed, 08 Dec 2010 10:19:00 -0500Will Obama's tax deal boost the economy?<img src="" /></P><p>On Monday evening, President Obama announced the outline for a tax compromise with Republicans: All of the Bush era tax cuts will be extended for two years, unemployment benefits get a 13-month extension, workers will get a year-long break on payroll taxes, and the estate tax will be re-instituted at 35 percent for fortunes over $5 million. The deal has met resistance from both the Left and the Right. If it is enacted, will it do anything to boost the economy? (Watch an MSNBC discussion about the tax cuts and jobs creation)</p><p><strong>The deal will help... a bit:</strong> The Bush tax cuts were mostly an economic...</p> <a href="">More</a>By The Week StaffTue, 07 Dec 2010 10:45:00 -0500Is the GOP on the verge of a tax-cut victory?<img src="" /></P><p>A compromise is shaping up over the fate of the Bush-era tax cuts set to expire at the end of the year. On Saturday, Republicans blocked a Democratic push to extend only the cuts on those earning less that $1 million a year, and the final package is now sure to include the GOP's wish to extend the cuts for all tax brackets. Many Democrats are not happy about this, but some of their concerns, like extending unemployment insurance, may survive. Is this a victory for the GOP and a disaster for Obama? (Watch a CBS News discussion about a potential compromise)</p><p><strong>Obama caved &mdash; and will pay the...</strong></p> <a href="">More</a>By The Week StaffMon, 06 Dec 2010 10:22:00 -0500Leona Helmsley's dog enters the tax-cut debate<img src="" /></P><p><strong>The video:</strong> House Democrats ratcheted up their rhetoric Thursday as they debated a bill that would end Bush-era tax cuts for the richest Americans. Leading the charge was Rep. Joseph Crowley (D-NY), who said Republicans care more about protecting the wealthy than the middle class. (Watch clip below.) To illustrate his point, Crowley displayed a life-sized picture of Trouble, a white Maltese once owned by hotel tycoon Leona Helmsley, who bequeathed the dog a $12 million trust fund in her will. "Under the Republican plan, if Trouble doesn't get a tax break, nobody else does," Crowley said. "They...</p> <a href="">More</a>By The Week StaffFri, 03 Dec 2010 14:46:00 -0500House Dems' tax cut move: Bold or 'chicken crap'?<img src="" /></P><p>House Democrats passed an extension of the Bush-era tax cuts for households earning less than $250,000, 234&ndash;188, using a procedural maneuver that prevented Republicans from adding an amendment that would extend the cuts for the wealthy as well. Incoming House Speaker John Boehner was moved to call the strategy "chicken crap." Although public opinion favors the Democrats' position, the House bill is unlikely to pass in the Senate. Was Boehner right to dismiss this ostensibly bold move by the soon-to-be-minority party? (Watch Boehner's comments)</p><p><strong>This was procedural abuse:</strong> "I heartily endorse...</p> <a href="">More</a>By The Week StaffFri, 03 Dec 2010 10:32:00 -0500Is the GOP really holding government hostage?<img src="" /></P><p>On Wednesday &mdash; just hours after GOP leaders and President Obama vowed to collaborate &mdash; Republicans threatened to block all legislation until Democrats agree to a deal to extend the Bush-era tax cuts. The "blunt threat" was delivered in a letter signed by all 42 Senate Republicans, who insist that the Bush tax cuts be extended across the board while Democrats want to end them for the rich. Is this obstructionism on steroids, or simply an attempt to get Democrats to respect the message of the midterm elections? (Watch a Fox News discussion about the GOP strategy)<br /><br /><strong>The GOP is holding hostage...</strong></p> <a href="">More</a>By The Week StaffThu, 02 Dec 2010 11:35:00 -0500The 'patriotic' millionaires who want to pay more taxes<img src="" /></P><p>More than 40 super-wealthy Americans have joined together to urge President Obama to end the Bush tax cuts for people making more than $1 million a year. The group, which calls itself the Patriotic Millionaires for Fiscal Strength, includes big-time Democratic donors such as trial lawyer Guy Saperstein and Ben Cohen of Ben &amp; Jerry's ice cream. They say the tax breaks for the wealthiest Americans should be allowed to expire as scheduled at the end of the year "for the fiscal health of our nation and the well-being of our fellow citizens." Republicans want to extend the tax cuts, saying that...</p> <a href="">More</a>By The Week StaffMon, 22 Nov 2010 11:46:00 -0500