According to the Economic Policy Institute (EPI) it has been ten years since the tax cuts from former President George W. Bush were passed into law, and people are still unhappy about the outcome of the tax reductions. People believe that the tax cuts were useless, very expensive, and not fair to all Americans.
EPI wants what is best for the economic status of the middle- and low-class Americans. While doing some research, they found ten things about the Bush Tax Cuts that are important to know and understand.
1. The tax cuts helped out the wealthy more than anyone, and they are the ones that needed help the least.
2. Low-income families only received around 1% of the tax cut benefit, and some of these families did not see any improvement at all in their overall tax situation.
3. Wages were lowered and there was no trickle down of opportunities like there was hoped to be.
4. The stimulus was very poorly designed.
5. The economic growth that was likely to happen was not long-term and the recession increased as time passed.
6. The tax cuts were so widespread that it made the national debt even greater than previously anticipated.
7. The cuts were more expensive than they promised to be.
8. They were more expensive than promised, and they still continue to be expensive.
9. Much Federal revenue was reduced by these tax cuts as estate taxes were removed.
10. Finally, the cuts have increased interest spending by America, even today. Much of the new debt is required to pay the interest on the new debt accumulated.
Bush Tax Cuts Do Not Need a Tax Extension