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Author Topic: Another Crappy August Jobs Report -- June & July Revised Downward  (Read 188 times)

Offline Woody

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Re: Another Crappy August Jobs Report -- June & July Revised Downward
« Reply #15 on: September 08, 2012, 07:45:23 am »
Kentay left out some pertinent facts .  In 1997, when the real Clinton boom took effect, these are the tax cuts that Clinton put into place:

  • Lowered the top capital gains tax rate from 28 percent to 20 percent;
  • Created a new $500 child tax credit;
  • Established the new Hope and Lifetime Learning tax credits to reduce the after-tax costs of higher education;
  • Extended the air transportation excise taxes;
  • Phased in an increase in the estate tax exemption from $600,000 to $1 million;
  • Established Roth IRAs and increased the income limits for deductible IRAs;
  • Established education IRAs;
  • Conformed AMT depreciation lives to regular tax lives; and
  • Phased in a 15 cent-per-pack increase in the cigarette tax.

http://www.heritage.org/research/reports/2008/03/tax-cuts-not-the-clinton-tax-hike-produced-the-1990s-boom

Additionally, spending was at 18.2% of GDP, NOT at between 24 to 25% of GDP. 



To say all Clinton did was raise individual taxes yo 39% is disingenuous.  I would support going back to ALL of the Clinton tax rates IF spending is reduced to the same level.
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A reminder for kentay:
I fully support going back to ALL, that says ALL THE CLINTON TAX and spend policies that led to the economic boom in the second half of the 90's.
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