The financing of the tax cuts

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The tax cuts were paid for with borrowed money. Borrowing added to the national debt. The 2% growth in GDP between 2001-2003 and 2008 did not include the interest rates associated with the borrowed debt. Furthermore, the economic increase from 2001 to 2007 was smaller than the overall US economic growth in the preceding and subsequent decades. Based on these detrimental effects, the Bush Tax Cuts of 2001-2003 and 2008 was a bad decision (Weinzierl and Werker 2).

The tax cuts of 2008 were intended to reduce the manufacturing costs for companies in the United States, which meant good fortune for businesspeople. As a businessperson, I would have wanted my senator to vote for the tax cut. The table 1 and 2 represents voting patterns for congress representatives and senators respectively

Congress Representatives

Democrats

Republicans

Independents

Yea

218

169

0

Nay

10

25

0

Present

1

0

0

Not Voting

5

5

0

Table 1. Congress Representatives votes for Tax cuts of 2008

Senators

Democrats

Republicans

Independents

Yea

46

33

2

Nay

0

16

0

Not Voting

3

0

0

Table 2: Senators votes for Tax cuts of 2008 (Weinzierl and Kuipers 18)

Question Four

The American Recovery and Reinvestment Act (ARRA) failed to since the dollar the government poured into the economy through government expenditure ultimately poured back to the government through duties and taxes. This eventually denied the production economy of the capital as opposed to what the president hoped it would. The president based the stimulus on neo-Keynesian assurance that economies can be jolted into operation by a wave of government expenditures (Weinzierl and Werker 7).

Works Cited

Weinzierl, M. and Kuipers, J. “Barack Obama and The Bush Tax Cuts (B).” Havard Business School 712.012 (2011): 2-20.

Weinzierl, M. and Werker, E. “Barack Obama and Bush Tax Cut (A).” Havard Business School 709.039 (2011): 2-7.

November 09, 2022
Category:

Business Life

Subcategory:

Management Hobby Experience

Subject area:

Tax Interests Success

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Number of words

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