BUSH TAX CUTS REDUCED TOTAL INCOME BY $2.7 TRILLION!!!

[kpete]

The 400 richest people in America
account for about 2.6 percent of the nation's private wealth.

http://www.huffingtonpost.com/2010/09/23/richest-americans_n_736182.html

So How Did the Bush Tax Cuts Work Out for the Economy?

David Cay Johnston | Sep. 24, 2010 08:02 PM EDT

The 2008 income tax data are now in, so we can assess the fulfillment of the Republican promise that tax cuts would produce widespread prosperity by looking at all the years of the George W. Bush presidency.

Just as they did in 2000, the Republicans are running this year on an economic platform of tax cuts, especially making the tax cuts permanent for the richest among us. So how did the tax cuts work out? My analysis of the new data, with all figures in 2008 dollars:

Total income was $2.74 trillion less during the eight Bush years than if incomes had stayed at 2000 levels.

That much additional income would have more than made up for the lack of demand that keeps us mired in the Great Recession. That would mean no need for a stimulus, although it would not have affected the last administration's interfering with market capitalism by bailing out irresponsible Wall Streeters instead of letting the market determine their fortunes.

MORE:
http://www.tax.com/taxcom/taxblog.nsf/Permalink/CHAS-89LPZ9?OpenDocument

................

Americans Vastly Underestimate Wealth Inequality, Support 'More Equal Distribution Of Wealth': Study
http://www.huffingtonpost.com/2010/09/23/americans-support-wealth-redistribution_n_736132.html
LOTS OF PRETTY CHARTS:
http://www.people.hbs.edu/mnorton/norton%20ariely%20in%20press.pdf

400 Richest Americans Got Richer This Year, As Most Americans' Net Worth Tanked: Forbes
http://www.huffingtonpost.com/2010/09/23/richest-americans_n_736182.html

[dkf]

1. Dot,com bubble. Makes sense to me.

[young_at_heart]

2. How many Republicans regret their decision now?

I'll be not one would own up to it!

[Cirque du So-What]

3. Regret, hell!

They're damned proud of that accomplishment - transferring such a bolus of wealth into the pockets of those who need it least. They're good little automatons working on behalf of their wealthy benefactors - prostitutes working so cheaply that it's embarrassing to actual sex workers.

[young_at_heart]

5. I've heard them called the "Borg"

I was not a "Trekkie" but what I've heard about the "Borg", sounds just like today's Republican party.

[malaise]

4. Here's KOs interview with David Cay Johnston from last night

http://www.msnbc.msn.com/id/3036677/#39351780

[cilla4progress]

6. It seems if this really made it through

the MSM, we would recruit 10000s more Dems! Is it, or is it only in the "left-wing blogosphere?" If not, why not, and how to get it through?

[kpete]

7. KEEP SCREAMING PEOPLE

[democracy1st]

8. K & R