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 South Jersey  P.O. Box 2662, Vincentown, New Jersey 08088
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 Mark Haines on Squawk On the Street July 15, 2010 provides a slanted view on our economy with jobs and taxes. Later that day Larry Kudlow on The Call refutes comments made by Mark Haines.

Mark said, that 22 Million jobs were created during 8 years while Clinton was in office and Bush only created 1 million. How can 22 million jobs be created, if the Civilian Work force only added 14,478,000 and change in the unemployed dropped by 3,921,000 during the Clinton years? Bush added 11,704,000 to the Civilian Work Force and added 3,232,000  to unemployment rolls. Bush had at the end of his term the worst economic turn down since the great depression and he still had job creation. His fiscal policies did not cause the economic turn down. Mark's slant on job creation between Clinton and Bush is inaccurate.

Mark said Bill Clinton raised taxes . This is true in 1993, but in 1997 he cut taxes and unemployment continued to drop,but GDP growth increased.The GDP increased and the change between 1993 to end of 1996 was 1.20 Trillion; between 1997 to the end of 2000 was 1.62 Trillion. During the Bush years  unemployment did not drop till after the second tax cut. This is because that tax cut helped business, just like the Clinton tax cut of 1997. The Clinton Tax increase did not have a high on impact on business, only the individual. Remember it is the type of tax cuts that counts. Tax cuts for businesses will always increase jobs and growth. Tax increases that do not impact businesses will have little effect. The devil is in the details.

And those are the facts!!!! See Tables Below.

 
Civilian Work Force Bureau Of Labor Statistics 
 
Year President Civilian Work Force U3  Unemployed Unemployment Rate Comments
1993 Clinton 128,105,000 9,613,000 7.5 Jan 1 Start
2000 Clinton 142,583,000 5,692,000 4.0 Dec 31 Ending
2000 Bush 142,583,000 5,692,000 4.0 Jan 1 Start
2008 Bush 154,287,000 8,924,000 5.8 Dec 31 Ending
 GDP From Bureau Of Economic Analysis
 
Year  President GDP Start   Amt in Trillion GDP End Amt in Trillion Percent Change Comments
1993-2000 Clinton $6.34 $9.95 56.94% Start Jan 1-Dec 31
2001-2008 Bush $9.95 $14.44 45.13% Start Jan 1-Dec 31
 US Debt From Bureau Of Economic Analysis
 
Year President Start Federal Debt Amt in Trillion End Federal Debt Amt in Trillion Percent Change Comments
1993-2000 Clinton $4.00 $5.61 40.00% Start Jan 1-Dec 31
2001-2008 Bush $5.61 $9.93 76.79% Start Jan 1-Dec 31
TAX BILLS 
 
Date Signed Tax Cut/Increase President Tax Bill Bil Info
10-Aug-1993 Tax Increase Clinton The Omnibus Budget Reconciliation Act of 1993 (or OBRA-93[1]) federal law also know  as the Deficit Reduction Act of 1993. 

It Creates  36 percent and 39.6 income tax rates for individuals in the top 1.2% of earners, 35 percent income tax rate for corporations, cap on Medicare taxes was repealed, gas taxed raised by 4.3 cents per gallon. The taxable portion of Social Security benefits was raised. The phase-out of the personal exemption and limit on itemized deductions were permanently extended.

 5-Aug-1997 Tax Cut Clinton Taxpayer Relief Act of 1997

Capital gains rate fell from 28% to 20%,15% bracket was lowered to 10%,starting in 1998, a $400 tax credit for each child under age 17 was introduced, which was increased to $500 in 1999 was phased out for high income family, exempted from taxation profits on the sale of a personal residence of up to $500,000 for married couples filing jointly and $250,000 for singles, $600,000 estate tax exemption was to increase gradually to $1 million by the year 2006, family farms and small businesses could qualify for an exemption of $1.3 million, effective 1998, in 1999, the $10,000 annual gift tax exclusion was to be corrected for inflation, provided tax relief for retirement accounts as well as education savings, some expiring business tax provisions were extended.

7-Jun-01 Tax Cut Bush  Economic Growth and Tax Relief Reconciliation Act of 2001

Changes in several areas , including income tax rates, estate and gift tax exclusions, and qualified and retirement plan rules. In general, the act lowered tax rates and simplified retirement and qualified plan rules such as for Individual retirement accounts, 401(k) plans, 403(b), and pension plans. All the 2001 tax cuts are set to expire at the end of 2010 unless Congress acts to extend them.

28-May-03 Tax Cut Bush The Jobs and Growth Tax Relief Reconciliation Act of 2003

Accelerated 10-Percent Bracket Expansion:  Accelerated Reduction in Income Tax Rates:  Accelerated Reduction of Marriage Penalty:  Accelerated Increase in Child Tax Credit:Reduction in Tax Rates on Dividends and Capital Gains: These taxes will expire in 2010.

     
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