Who would have ever thunk…. (George W. Bush talk right there)….
Today he came our for Immigration Reform. But that is not what I want to talk about….
It is strange but I’ve never thought of it this way before. It took two lines in a comment from Delaware Liberal to cause it to suddenly jump out at me…. Here it is….
“President Obama did not campaign on the Clinton rates, per se. Instead, he wants to modify it so that income over 250k is taxed at the top Clinton rate of 39.6% while income below 250k is taxed at the Bush rates.”
The Bush Tax Cuts have long been an albatross hung around Bush W’s neck, ever since the economic cracks started showing.
Understated is the fact that the middle class benefited very well from the Bush tax cuts. The entire problem was that the wealthy also got to have tax cuts as well… and that created the deficit and all those other problems.
What the fiscal cliff and Obama will do, will divorce the two…. The middle tax cuts will remain, and will no doubt continue to be called the Bush Tax Cuts by historians. Future children will learn that the Bush Tax Cuts helped the middle class with raising children, with college tuition, with surviving the tough corporate atmosphere in which we all lived…. Perhaps a footnote will tacked on explaining the harm caused by the wealthy getting a tax cut too. But that question will not be on those children’s tests….
Time softens memories. As we move forward to where the wealthy again begin to pay their fair share, the Middle Tax Cuts carrying Bush’s name will be what make that name be seen in a much better light far into the future.
Twenty years hence, those tax breaks may still exist in the foundation of our taxation system. By then, the trauma that came from cutting the top 1 percent’s taxes, will be long forgotten….
George W. Bush, 43rd President; responded to attacks on American soil by extending the right of America to defend itself against states that harbored terrorists and invaded Iraq and Afghanistan. His most notable economic achievement was the creation of the Bush Middle Income Tax Cut.
Only the wonks will remember….