Graham: Americans Economic ‘Uneasiness’ Stems From ‘Concerns’ About When Bush’s Tax Cuts Will Expire
Graham: Americans Economic ‘Uneasiness’ Stems From ‘Concerns’ About When Bush’s Tax Cuts Will Expire
In an op-ed today in the Greenville News (SC) commemorating Tax Day, Sen. Lindsey Graham (R-SC) wrote that “South Carolinians [are] encouraging me to find some way — any way — to make Tax Day less burdensome.” In order to relieve the burden, Graham argued that President Bush’s tax cuts should be made permanent.
Trying to bolster his case, Graham asserted — without any evidence — that the federal government “actually collected more in tax revenue” because of Bush’s tax cuts. But then he made a slightly more jaw-dropping claim: Americans’ “uneasiness” about the economy is perhaps due to their fear that Bush’s tax cuts will expire:
[Tax cuts were] the right medicine for an ailing economy and the results were clear. By lowering taxes, the federal government spurred economic development and actually collected more in tax revenue. […]
I believe some of the uneasiness taxpayers feel today about the economy is driven by concerns they are going to be hit with huge tax increases when the tax cuts expire.
Is fear that Bush’s tax cuts will expire causing Americans to sour on the economy? Perhaps. But maybe American negative attitudes toward the economy stem from the housing and credit crises, job losses, rising unemployment, a volatile stock market, high gas prices, high family debt, flat wages, increasing budget deficits, a weak dollar, and rising health care costs — not to mention the effects of the $12 billion per month war in Iraq that is being bankrolled largely on borrowed funds.
But more than that, economists — including the current Treasury Secretary and Federal Reserve Chairman, members of Bush’s Council on Economic Advisers (CEA) and Sen. John McCain’s (R-AZ) own economic adviser — disagree with Graham’s assertion that tax cuts boost revenue:
– Treasury Secretary Henry M. Paulson: “As a general rule, I don’t believe that tax cuts pay for themselves.”
– Federal Reserve chairman Ben Bernanke: Tax cuts only “partially offset the losses in revenues.”
– McCain economic adviser Douglas Holtz-Eakin: Asked if tax cuts generate “enough additional revenue to pay for themselves? ‘No,’ said Douglas Holtz-Eakin.”
– Edward P. Lazear, current chairman of Bush’s CEA: “I certainly would not claim that tax cuts pay for themselves.”
Indeed, Graham has a fairly solid history of making absurd claims, most recently saying that McCain has done “even more” than former Vice President Al Gore on global warming.
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56 Responses to “Graham: Americans Economic ‘Uneasiness’ Stems From ‘Concerns’ About When Bush’s Tax Cuts Will Expire”
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What is that old queen talkin’ about?
April 15th, 2008 at 4:06 pmAs ABC News helpfully reminds us, April 15th is John McCain Tax Flip-Flop Day. McCain, as you’ll recall, twice voted against President Bush’s budget-busting tax cuts for the richest Americans who need them least. But having undergone a supply-side conversion on the road to the White House, John McCain now wants to make them permanent.
For the details, see:
April 15th, 2008 at 4:07 pm“April 15th is John McCain Tax Flip-Flop Day.”
“Americans’ “uneasiness” about the economy is perhaps due to their fear that Bush won’t soon expire”
fixed it!
April 15th, 2008 at 4:16 pmHayseed Graham never fails to deliver stupid. He must keep some extra in the closet.
April 15th, 2008 at 4:16 pmIt is easy to see that the Republicans have thrown McCain and Graham under the bus. As long as those two fools are wandering about wondering about the hereafter–any where they show their faces they wonder just what the hell they are here after–the other incumbents can cover their respective asses and hope like hell the BS (Bush Syndrome) doesn’t rub off on all of them.
April 15th, 2008 at 4:16 pmYeah, Lindsey, ya big closet-queen - I can hardly sleep at night for worrying about whether some millionaire will get to become a billionaire.
What an unadulterated truckload of bull shite.
April 15th, 2008 at 4:17 pmStupid Stick Time!!!!
Don’t make me call him a Graham Cra**er!!! Thats just too easy! Anywho, I can pay my taxes I just can’t buy gas for my cars, or pay for stupid expensive medical care, even with my insurance! sen. G. is as out of touch as they come. I hope the American people don’t screw up a third time and re-elect the GOP to the white house. I laugh when I see the old car with the “W” sticker on it! Obviously a brain dead driver.
April 15th, 2008 at 4:21 pmJust out of curiosity, since discussing anything done by McCain is an exercise in redundancy, what does anyone here think of the so-called “fair tax”? I heard it briefly described as essentially a national sales tax that would replace Income Tax and FICA with exceptions for those below a certain income. I just mailed my return away and was marvelling at what a Byzantine complicated mess the current system is…
April 15th, 2008 at 4:23 pmYeah , Southern Belle , you just nailed it ……….
April 15th, 2008 at 4:24 pmYes, each and every millionaire in the US is very concerned about this.
April 15th, 2008 at 4:25 pmBoy… look who’s here to talk about an exercise in redundancy…
April 15th, 2008 at 4:26 pmYea, That’s it! I know I’m just SOOO concerned over the rich guys tax cuts. I can’t sleep at night knowing they might have to pull their fair load. Thanks Lady Lindsey for reading my mind.
April 15th, 2008 at 4:27 pmRUCerious Says:
Yes, each and every millionaire in the US is very concerned about this.
Millionaires!?!? I thought all of them lived in trailers.
Make up your minds.
April 15th, 2008 at 4:27 pmThat’s it! I want what Huckleberry’s smoking!
April 15th, 2008 at 4:28 pmSorry…SNARK OFF!
April 15th, 2008 at 4:28 pmAnother LIE from the “closeted” milquetoast from SC.
What ELSE is new?
April 15th, 2008 at 4:29 pmAnd here comes reeses pieces to ruin yet another thread.
April 15th, 2008 at 4:30 pmWhen the Tax cuts were enacted at the beginning of the Bush Presidency….they were supposed to unleash the POWER of the American economy to create prosperity for all. Where is it? Everyone but the top income earners have seen their incomes STAGNATE for 7 years.
I want the press to ask…. how much these Tax Cuts have benefitted Obama, Clinton, and McCain.
April 15th, 2008 at 4:31 pmMy guess is that McCain, with the greatest wealth, has benefitted the most.
KeeReist, you miss every single point, don’t you.
April 15th, 2008 at 4:32 pmNo sense in trying, the dumbfu(k is strong in this one.
Someone once tried to tell me that you could actually travel farther with less gas in your tank because with less gas in the tank, the car weighs less, thus improving mileage per gallon.
Anybody with any sense at all can see that while less gas in the tank does make the car lighter, the weight difference isn’t significant enough that you could actually travel farther with less.
And so it is with tax cuts. The difference to the average family isn’t significant enough to be felt by most. The rich will feel the difference to be sure, but they can usually manage to buy whatever they need tax cuts or no tax cuts, and getting a cut in their taxes doesn’t mean they spend more time in Sharper Image.
So why do all these tax cut cheerleaders keep trying to convince us that less taxes means more revenue?
April 15th, 2008 at 4:32 pmHey GRAHAM - YOU VOTED for the tax cuts to EXPIRE back in 2001.
Flip Flop Flip Flop
First you voted for the Tax cuts to expire back in 2001, NOW you say you are against them to expire.
Flip Flop Flip Flop
April 15th, 2008 at 4:34 pmSo why do all these tax cut cheerleaders keep trying to convince us that less taxes means more revenue?
Because great minds like Reist believe them?
April 15th, 2008 at 4:35 pmHow many more dollars are we borrowing from China and Japan because our wealthy citizens don’t have to pay their fair share of taxes?
April 15th, 2008 at 4:35 pmSen. Graham is an increasingly delusional and desperate man. He makes McCain look smart, engaged and deliberate in comparison.
-AF
April 15th, 2008 at 4:36 pmAndrew Sullivan Is A Fraud
And lest it be forgotten, tax cuts in times of deficits aren’t tax cuts at all - they are merely tax deferals since somebody has to pay. And these “Conservatives” (sic) just want to pass the burden to the future - that’s not very conservative in my book - that’s cowardly.
April 15th, 2008 at 4:37 pmReist Says:
——————————————————————————–
RUCerious Says:
Yes, each and every millionaire in the US is very concerned about this.
Millionaires!?!? I thought all of them lived in trailers.
Make up your minds.
April 15th, 2008 at 4:27 pm
Their constituents (like your loser ass) do ; they and their corporate presidents and VP’s do not…………
April 15th, 2008 at 4:40 pmHi Reist
April 15th, 2008 at 4:42 pmRUCerious Says:
How many more dollars are we borrowing from China and Japan because our wealthy citizens don’t have to pay their fair share of taxes?
Fair share…
“Who Pays The Most And Least: According to the Internal Revenue Service data, the top one percent paid 34.3 percent of all federal income tax in 2003, up from 33.7 percent the previous year. To qualify for the top one percent group, an adjusted gross income of $295,000 was required. Adjusted gross income is the amount used in the calculation of an individual’s income tax liability; one’s income after certain adjustments are made, but before standardized and itemized deductions and personal exemptions are made.
The top five percent paid 54 percent of total income tax and made 31 percent of the adjusted gross income. They had an income of $130,000 or more. The top 10 percent of all filers, those with an adjusted income of a least $94,900, bore 66 percent of the income tax burden. The bottom 50 percent of filers paid just 3.5 percent of total income tax. This number is so low because payroll taxes aren’t included in the figures and because many of them receive tax relief from earned income credit. “
April 15th, 2008 at 4:43 pmMCMetal Says:
April 15th, 2008 at 4:40 pm
And they call you…a liberal sucker?
Rich Republicans or not-so-rich Republicans, at least we can speak English.
April 15th, 2008 at 4:46 pmNice try Keltoi, but I was referring to the entire tax burden, which includes payroll taxes. Why would you support the $96,000 cap? As a percentage of their income, the wealthy pay less than their fair share.
April 15th, 2008 at 4:48 pmRemember, under Kennedy, the tax rates were much, much higher, and if VietNam hadn’t drained our treasury in the ensuing years, our economy would have been just fine.
Since when does speaking English make a damn bit of difference in the caliber of the speaker?
April 15th, 2008 at 4:48 pmKeltoi, thanks for ruining my day! I often wondered when “the rich” were going to get tired of carrying my ass and find ways to lessen their tax burden. I guess its time us poor folk started helping out a bit huh?
April 15th, 2008 at 4:49 pmSometimes I have to wonder if these trolls aren’t just TP hirelings here to make our lives both interesting and miserable. It’s harder to believe that there are Americans out there who are so incredibly dense, lame, and devoid of American values as these trolls are. What up, TP?
April 15th, 2008 at 4:53 pmI agree with Mr. Lefflin. Let’s all hold Bake Sales to help offset the onerous tax burden that the Rich are suffering under.
April 15th, 2008 at 4:56 pmListening to Lindsay is taxing in itself. I guess living in a closet takes it’s toll on one’s access to information.
Did McCain really sign off on the Declaration of Independence?
April 15th, 2008 at 4:57 pmReist Says:
——————————————————————————–
MCMetal Says:
April 15th, 2008 at 4:40 pm
And they call you…a liberal sucker?
Rich Republicans or not-so-rich Republicans, at least we can speak English.
April 15th, 2008 at 4:46 pm
Really ?
Since when have McStupid and Chimpy ever been threats to capture any type of oratorical contest , skid mark ?
Neither of them would even come close to winning the gold medal , even if the Special Olympics started holding essay contests…………..
BTW
I noticed you got mocked and internet b1tch-slapped in 2 or 3 other threads ; believe that you’re going to have better luck here , especially in trying to critique my grammar and sentence structure ?
LOL……….You don’t know very much , do ya’ ?
What a typical GOP/Chimpy nut hugging stooge you are…….
April 15th, 2008 at 5:00 pmZimzone Says:
——————————————————————————–
Listening to Lindsay is taxing in itself. I guess living in a closet takes it’s toll on one’s access to information.
Did McCain really sign off on the Declaration of Independence?
April 15th, 2008 at 4:57 pm
He helped Moses carry the tablets down the mountainside , too………….
April 15th, 2008 at 5:02 pmHow right you are, Sen. Graham!!
Making sure I still get that extra $7 a paycheck I got from Bush’s tax cuts is more important than, say, the $10,000 a year I pay in premiums and out of pocket maximums … or the utility bill that’s nearly doubled in the past six years … or the doubling (and nearly tripling) in gas prices since he took office … or the fact credit is harder to get than a Kansas City Royals playoff appearance … or the lack of raises for anyone in my company due to tight times (except the CEO, who got a 30% increase) ..
Yep. Losing that $14 a month is keeping me awake at night.
Can someone please tell me how the holy hell these people keep claiming they understand what the “average” American is going through? From where I’m sitting, they seem totally clueless.
April 15th, 2008 at 5:06 pmZimzone..
Not only did he sign the Declaration of Independence, but he voted against the Bill of Rights. At least that’s one position he hasn’t flip/flopped on.
April 15th, 2008 at 5:07 pmMcShithead is on “Hardball” with Tweety Matthews right now , typically lying his stupid ass off ……….
April 15th, 2008 at 5:10 pmZed Lefflin Says:
Keltoi, thanks for ruining my day! I often wondered when “the rich” were going to get tired of carrying my ass and find ways to lessen their tax burden. I guess its time us poor folk started helping out a bit huh?
1. I will make no attempt to defend what I did not say but what you instead inferred from the IRS numbers I presented. My point was, “fair” is about the most subjective word in the world and those statistics at least call into question what is “fair”.
2. Your screen name kicks ass.
3. RUCerious, I don’t necessarily support the 96K cap. 96K ain’t what it used to be. I think a good first step would be to come up with a system to incrementally raise the retirement age for SS. We are richer than our grandparents and live much longer - why should we retire at the same time or even earlier? I plan on working into my 70s, not just for the money but to stay purposeful.
April 15th, 2008 at 5:15 pmKeltoi, thanks for the thoughtful reply. I would be in favor of completely removing the cap, on both sides amployer and employee. This would provide some disincentive for enormous management salaries.
April 15th, 2008 at 5:26 pmA gradual increase in retirement age up to 70 is a good solution as well, but doesn’t address the inequity in taxes paid as a percentage of income…
BTW, I’m in the top fiver, us database gurus made da bucks.
I know this is going to sound cruel and elitist - however, when you represent a political constituency that demographically speaking is in the lowest IQ scale - what do you expect will represent them.
April 15th, 2008 at 5:34 pmAs Robo-Pope is in town, let’s keep God and Guns alive in the Carolina’s….
http://www.comedianforpresident.com/
I thought the tax cuts were our reward for the prosperity of the Clinton years? Remember the budget surpluses. The breathless debates about what we were going to do with all the money because it just wasn’t possible to retire the debt early? Anyone? Remember that?
April 15th, 2008 at 5:45 pmThe Bush Presidency: So many things Squandered (Surplus, the world behind us after 911, etc)
April 15th, 2008 at 5:49 pmThe truly shameful part is that some folks are just dim-witted enough to believe the bull Graham is spoonfeeding them.
April 15th, 2008 at 6:04 pmI can tell you 100% for sure Algore has contributed more to Global Warming than both McCain & Graham put together.
Check out the Warmth Monger’s mode of travel and home just for starters. Algore bets these 2 hands down.
April 15th, 2008 at 6:13 pm
Well, if YOU can tell us 100% FOR SURE, how can we NOT believe YOU??
BWAHAHAHAHAHAHA!
As for ELITE, McSenile has a WIFE who he calls a TROLLOP and C*NT who is the HEIRESS to Budweiser.
They have properties and assets WORLDWIDE.
Sorry, McSenile BombBomb is the MORON-heir-apparrent to TRAITOR Bush….
April 15th, 2008 at 6:29 pmGraham: Americans Economic ‘Uneasiness’ Stems From ‘Concerns’ About When Bush’s Tax Cuts Will Expire
Graham: Wealthy Americans Economic ‘Uneasiness’ Stems From ‘Concerns’ About When Bush’s Tax Cuts Will Expire, (and they will have to pay tax at a more fair ratio to their income).
April 15th, 2008 at 6:36 pmIsn’t that what you mean, Lindsey?
jdc Says:
——————————————————————————–
Indeed, Graham has a fairly solid history of making absurd claims, most recently saying that McCain has done “even more” than former Vice President Al Gore on global warming.
I can tell you 100% for sure Algore has contributed more to Global Warming than both McCain & Graham put together.
Check out the Warmth Monger’s mode of travel and home just for starters. Algore bets these 2 hands down.
April 15th, 2008 at 6:13 pm
Because McStupid’s multiple trips to Iraq to buy $5 rugs while being followed by tanks and friggin helicopters to protect his useless wrinkled old ass was accomplished by him swimming across the Atlantic , dipshit ?
April 15th, 2008 at 6:52 pmJ.ingo
April 15th, 2008 at 6:54 pmD.ittohead
C.oxucker
The entire thing was created by the Fed. Come on. Remember the Great Depression? Yeah, neither do I. Guess what. It was created by the Fed’s mismanagement of money. Greedy people will always screw things up if you give them power over the monetary market. Now, we want to give the Fed even MORE power? Come on people. Wake up.
April 15th, 2008 at 7:05 pmhttp://www.house.gov/ paul/ tst/ tst2008/ tst041308.htm
specialist f Says:
And here comes reeses pieces to ruin yet another thread.
You could just ignore it. Since TP is no longer cleaning up this place, it has become extremely troll infested. I spent most of today at Huffington Post (I’m home sick) and Daily Kos because I can’t stand the stench of troll here. Just popped back to see if they were gone, but apparently not.
April 15th, 2008 at 8:37 pmThe headline on this story sent me home with a serious stomach ache. Seriously, I couldn’t believe this. Has there been some kind of bioattack on Washington that makes people like Graham delusional? Or are they trying so hard to hide their crimes against humanity, the constitution, and the American people that they will say anything?
Trolls here merely mean that Bush and KKKarl are on the job and $$$ is being paid for many, many people to fight the truth. The truth will come out. It already is. And there isn’t anything they can do about it.
April 15th, 2008 at 9:11 pmWith the discussions of McCains economic plans, nobody is mentioning his “mortgage bailout” proposals. He’s against “bailouts”, but if you face foreclosure on your house, he’s proposing that these failing homeowners should be able to go to the post office, get a form for a guaranteed 30-year GOVERNMENT BACKED mortgage. Thereby putting the risk of lending to people who shouldn’t have gotten these mortgages with a BIG government bailout.
So he’s against bailouts. But yet he says the Bear/Stearns stuff wasn’t “going too far”, and that the government should bail out the people who are going to lose their homes due to foreclosure.
When this guy said he didn’t have any economic smarts, he wasn’t kidding, was he?
Maybe McPander was just having another “senior moment”
April 16th, 2008 at 1:36 amI’m telling you .. we really need term limits …
http://tenurecorrupts.com
April 16th, 2008 at 4:54 amAlso it is interesting to note that Lindsay Graham was elected right here in south carolina to fill the vacancy left by of all people … strom thermond … so we kind of tend to send them to washington for life…. please give us term limits PLEASE!!!!!
http://tenurecorrupts.com
April 16th, 2008 at 4:58 am