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Saved By Tax Cuts.(ISSUES & INSIGHTS)(EDITORIALS)(Editorial)
Economy: Don't look now, but the tax cuts that many experts derided last year as a giveaway to the rich or too piddly to matter seem to be working their magic.
President Bush's tax cuts have barely hit Americans' paychecks, but already we're seeing results. In July, the most recent month for which we have data and the first month the latest round of tax cuts went into effect, real disposable personal income -- that is, what you earn after taxes and inflation -- rose 3.3%. That's the biggest jump this year.
We note this because disposable personal income is one of the truest measures of wage earners' well-being.
Note that back in 2001, a well-timed tax cut sent disposable incomes flying -- and effectively ended the recession Bush inherited. It happened again last year, with Bush's second tax cut. And it seems to be happening again this year with the third -- despite all the bad news from overseas and continued concerns about job losses.
True, the number of new jobs has fallen six months in a row and is off 2.7 million since 2000. Plus, employers in recent surveys, such as the Institute for Supply Management's monthly poll of factory chiefs, say they're hesitant to hire more. The ISM's jobs index fell in August for a 35th straight month.
But scratch a bit at the data, and you see fairly encouraging things. The ISM's data, for example, also showed a big rise in manufacturing activity -- despite ...
- Budget Machinations.
- Magazine article from: U.S. News & World Report Pethokoukis, James M. February 13, 2006 700+ words
...budget will move into the black in 2012. Red ink? There may be too much optimism afoot. Consulting firm ISI Group notes that if the Bush tax cuts are extended, the alternative minimum tax is repealed, and discretionary spending increases at the...
- Bush's latest tax cuts seal legacy.(USA)
- Newspaper article from: The Christian Science Monitor September 29, 2004 700+ words
...President Bush signs his latest round of tax cuts, expected within days, he confirms his...s 1981 cut was larger than the Bush tax cuts, relative to the size of the economy...this year - with a record deficit. "Tax cuts will probably be the top element of President...
- Investors Say Job Creation More Important Than Tax Cuts; Only Half of Investors...
- Press release article from: PR Newswire April 21, 2004 700+ words
...had a choice between enacting the 2003 tax cuts or spending additional money to create...cutting the deficit over last year's tax cuts and in fact that less than half of investors (43%) reported benefiting from the tax cuts at all. Fewer Personally Benefited from...
- Tax cuts on the table; Legislation scheduled for House vote.(OPED)(POLITICS IN...
- Newspaper article from: The Washington Times December 8, 2005 700+ words
...limit "revenue loss" associated with tax cuts and political tactics are some of the reasons for not making tax cuts permanent. For example, when Congress...2003 measures) is the only way to pass tax cuts - even on a temporary basis. For example...
- A question of fairness.(Editorials)(Bush's tax cuts should not be made...
- Newspaper article from: The Register-Guard (Eugene, OR) February 14, 2004 700+ words
...stubborn allegiance to his ill-advised tax cuts that he is counting on Americans to come...the Press" host Tim Russert that his tax cuts were the cornerstone of an "economic...the 2004 version of the reason for the tax cuts, but it's not what Bush was telling...
- House GOP backs from big tax cuts.(A)
- Newspaper article from: The Washington Times Roman, Nancy E. Hill, Patrice March 12, 1997 700+ words
...Republican leaders are holding off on big tax cuts - once the crown jewel of their agenda...pass a budget if they don't scale back tax cuts for now. The GOP majority needs the support...spending curbs, and the Blue Dogs oppose tax cuts, saying a balanced budget has to come...
- EDITORIAL: Tax Cuts and Deficits: Bad math, slick politics: We'll pay,...
- Newspaper article from: Philadelphia Inquirer (Philadelphia, PA) May 30, 2006 700+ words
...while peddling a math myth to the public. Tax cuts won't make the deficits worse, they say. Tax cuts will stimulate so much economic growth that federal tax revenue will actually increase. Tax cuts, they are fond of saying, pay for themselves...
- U.S. can't afford tax cuts any longer, Voinovich says.
- Newspaper article from: Columbus Dispatch (Columbus, OH) February 2, 2006 700+ words
...Torry Feb. 2--WASHINGTON -- Extending tax cuts that President Bush wants to make permanent...grandchildren." Bush called for preserving the tax cuts in his State of the Union address Tuesday...Without reducing spending or allowing many tax cuts to expire, the national debt will ...
