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Thursday, July 01, 2010

Economic Education

So we are hearing a lot about the "Bush Tax Cuts" and how repealling them will 'help' the economy ... so what were the effect exactly? Here's what FoxNews reported:
  • For the six quarters before the tax cuts (thats 1 1/2yrs), GDP up 1.7%
  • After the tax cuts, GDP up 4.1% in next six quarters
  • Lost 250,000 jobs before tax cut
  • Gain 300,000 jobs after tax cuts
  • Millionaires: taxes paid in 2003 $136Billion before tax cuts
  • Millionaires: taxes paid in 2006 $274Billion after tax cuts

The expert they had on went on further to say

  • Deficit problems only started in last few years
  • had nothing to do with taxing the rich
  • taxing the rich will make the problems worse

For those that don't understand these numbers -- it winds down to this ...

If businesses are worried about what their bottom line is going to be ... they are not going to hire new people.

Larger corporations will simply take their businesses to other countries because it is cheaper to hire there and pay the 'import/export' taxes than to have to deal with over-regulation/tax burden/unions.

Start saving those pennies and nickels -- all that loose change could mean making your mortgage payment or feeding your family here very soon!

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