The Bush Tax Cut Issue in One Chart

f43dbushtaxcutchart The Bush Tax Cut Issue in One Chart

Federal outlays and receipts in the last two years of the
Clinton Administration, all eight years of George W. Bush and
Barack Obama’s first term:

In 2011, income tax revenue made up about 55 percent of federal
receipts. Raw data
here and
here
A few notes: George W. Bush and supporters of the tax cut said
federal revenue would go up after passing the cuts and it appears
it did. In fact, federal receipts reached Clinton-era levels
without Clinton-era tax rates in 2006, not long after all the cuts
went into effect (passed in 2001 and 2003, they were tweaked with
in 2005). Bush passed a tax cut as stimulus in 2008 and Barack
Obama’s trillion dollar stimulus package in 2009 included some type
of tax cuts as well, but does that chart look like a revenue
problem or a spending problem?
And for those who would say “well of course the government has
to spend more when the economy is hurting” only one question
applies: has it helped? If you think so, I’ve got a tiger-repellant
rock to sell you.

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The Bush Tax Cut Issue in One Chart


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