Comments on: The Middle Class and Taxes Under Clinton and Bush http://allfinancialmatters.com/2008/02/27/the-middle-class-and-taxes-under-clinton-and-bush/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 20 Nov 2009 19:56:44 -0800 http://wordpress.org/?v=abc hourly 1 By: SOAS http://allfinancialmatters.com/2008/02/27/the-middle-class-and-taxes-under-clinton-and-bush/comment-page-1/#comment-276303 SOAS Tue, 08 Apr 2008 18:36:27 +0000 http://allfinancialmatters.com/?p=2358#comment-276303 Meg, Also, what entitlement programs did the Clinton Admin put in place that are causing the unbalanced budget today? It would be more productive for you to be a little specific (I realize in a blog/forum format it is difficult to get too detailed). Don't we have an enormous prescription drug program under current admin? It doesn't come across as objective the way you submit your posts as a "contributor" to the discussion. Meg,

Also, what entitlement programs did the Clinton Admin put in place that are causing the unbalanced budget today? It would be more productive for you to be a little specific (I realize in a blog/forum format it is difficult to get too detailed). Don’t we have an enormous prescription drug program under current admin? It doesn’t come across as objective the way you submit your posts as a “contributor” to the discussion.

]]> By: SOAS http://allfinancialmatters.com/2008/02/27/the-middle-class-and-taxes-under-clinton-and-bush/comment-page-1/#comment-276299 SOAS Tue, 08 Apr 2008 18:33:52 +0000 http://allfinancialmatters.com/?p=2358#comment-276299 Meg, Are you sure the budget is not balanced because of the war? How is the war financed? Through the normal budgetary process or through supplementals that are not part of the budget ledger? Meg,
Are you sure the budget is not balanced because of the war? How is the war financed? Through the normal budgetary process or through supplementals that are not part of the budget ledger?

]]> By: Genius Boy http://allfinancialmatters.com/2008/02/27/the-middle-class-and-taxes-under-clinton-and-bush/comment-page-1/#comment-263877 Genius Boy Tue, 01 Apr 2008 15:00:20 +0000 http://allfinancialmatters.com/?p=2358#comment-263877 JLP: I've gone back and read most of your posts, which I'll agree to, but this one is just plainly wrong. Any policy that reduces tax in declining revenue, running an enormously large deficit isn't a good policy, since eventually someone has to pay. I'm Canadian (though I lived many years in the US), teaching at the H-school in Boston. But even I recognize far before Bush put in the tax cuts, that he was going to have to eventually pay for them somehow. Well, it hasn't been by shrinking the government. No other president has increased the size of government than the W. Yes, the war in Iraq is costing the government $300 million a day or $100 billion a year. But the annual deficit is $400 billion. A lot of that is the tax cuts, which were ill-advised, and the increase in government spending. JLP:

I’ve gone back and read most of your posts, which I’ll agree to, but this one is just plainly wrong. Any policy that reduces tax in declining revenue, running an enormously large deficit isn’t a good policy, since eventually someone has to pay.

I’m Canadian (though I lived many years in the US), teaching at the H-school in Boston. But even I recognize far before Bush put in the tax cuts, that he was going to have to eventually pay for them somehow. Well, it hasn’t been by shrinking the government. No other president has increased the size of government than the W.

Yes, the war in Iraq is costing the government $300 million a day or $100 billion a year. But the annual deficit is $400 billion. A lot of that is the tax cuts, which were ill-advised, and the increase in government spending.

]]> By: Ed http://allfinancialmatters.com/2008/02/27/the-middle-class-and-taxes-under-clinton-and-bush/comment-page-1/#comment-249847 Ed Mon, 10 Mar 2008 18:39:08 +0000 http://allfinancialmatters.com/?p=2358#comment-249847 Clinton created a budget surplus from what Ronald Regan left which was the biggest deficit in history to that point. Georgie has taken Clinton's surplus and created what dwarfs any deficit that people could have even imagined. Sure I could have more money in the bank too if I put everything on credit cards. Duh! Leaving the next x number of generations our deficit to pay off is not exactly fair or too smart. It costs money to borrow money. If you aren't smart enough to figure that out then you probably voted for Bush. Clinton created a budget surplus from what Ronald Regan left which was the biggest deficit in history to that point. Georgie has taken Clinton’s surplus and created what dwarfs any deficit that people could have even imagined. Sure I could have more money in the bank too if I put everything on credit cards. Duh! Leaving the next x number of generations our deficit to pay off is not exactly fair or too smart. It costs money to borrow money. If you aren’t smart enough to figure that out then you probably voted for Bush.

]]> By: Mike http://allfinancialmatters.com/2008/02/27/the-middle-class-and-taxes-under-clinton-and-bush/comment-page-1/#comment-247952 Mike Fri, 07 Mar 2008 21:30:30 +0000 http://allfinancialmatters.com/?p=2358#comment-247952 You listed the SCHEDULED Tax Rate not the ACTUAL Rate payed. This makes a huge difference especially when the wealthy start to complain. The middle class actually pays the most based upon percentage of holdings whereas the wealthy get more exceptions and have more loopholes to jump out of paying the entire percentage rate. You listed the SCHEDULED Tax Rate not the ACTUAL Rate payed.

This makes a huge difference especially when the wealthy start to complain. The middle class actually pays the most based upon percentage of holdings whereas the wealthy get more exceptions and have more loopholes to jump out of paying the entire percentage rate.

]]> By: Lord http://allfinancialmatters.com/2008/02/27/the-middle-class-and-taxes-under-clinton-and-bush/comment-page-1/#comment-243829 Lord Sat, 01 Mar 2008 07:58:36 +0000 http://allfinancialmatters.com/?p=2358#comment-243829 <i>It’s also due to the entitlement obligations that are in place–which were put into place by administrations like Clinton’s.</i> Meg, this is utterly backwards. The deficit is actually much lower than what it really is because entitlement taxes are continuing to rise as they will until 2018 and are keeping it down. Lower taxes have indeed led to higher deficits. It’s also due to the entitlement obligations that are in place–which were put into place by administrations like Clinton’s.

Meg, this is utterly backwards. The deficit is actually much lower than what it really is because entitlement taxes are continuing to rise as they will until 2018 and are keeping it down. Lower taxes have indeed led to higher deficits.

]]> By: Jesse http://allfinancialmatters.com/2008/02/27/the-middle-class-and-taxes-under-clinton-and-bush/comment-page-1/#comment-243630 Jesse Fri, 29 Feb 2008 20:32:36 +0000 http://allfinancialmatters.com/?p=2358#comment-243630 Eddie, I agree that the debt has got to be paid down, but disagree that the interest is worse than the entitlement programs: http://www.thebudgetgraph.com/ Based on the proposed 2008 budget, Medicare, Medicaid and Social Security are ~1.2 trillion, whereas the interest on our national debt is 261 billion. Entitlement programs need to be pared down drastically, and with that money, the debt needs to be repaid. Eddie,
I agree that the debt has got to be paid down, but disagree that the interest is worse than the entitlement programs:

http://www.thebudgetgraph.com/

Based on the proposed 2008 budget, Medicare, Medicaid and Social Security are ~1.2 trillion, whereas the interest on our national debt is 261 billion.

Entitlement programs need to be pared down drastically, and with that money, the debt needs to be repaid.

]]> By: RH http://allfinancialmatters.com/2008/02/27/the-middle-class-and-taxes-under-clinton-and-bush/comment-page-1/#comment-243608 RH Fri, 29 Feb 2008 19:18:35 +0000 http://allfinancialmatters.com/?p=2358#comment-243608 Did you adjust the tax brackets for inflation as well? Did you adjust the tax brackets for inflation as well?

]]> By: JLP http://allfinancialmatters.com/2008/02/27/the-middle-class-and-taxes-under-clinton-and-bush/comment-page-1/#comment-243207 JLP Fri, 29 Feb 2008 01:00:12 +0000 http://allfinancialmatters.com/?p=2358#comment-243207 Thomas, It's been mentioned but tends to get ignored. That said, even with all the troubles Bush has had while in office, he still could have done a MUCH better job with fiscal policy. Thomas,

It’s been mentioned but tends to get ignored.

That said, even with all the troubles Bush has had while in office, he still could have done a MUCH better job with fiscal policy.

]]> By: thomas http://allfinancialmatters.com/2008/02/27/the-middle-class-and-taxes-under-clinton-and-bush/comment-page-1/#comment-243200 thomas Fri, 29 Feb 2008 00:44:15 +0000 http://allfinancialmatters.com/?p=2358#comment-243200 why hasn't anyone mentioned the huge economic boom that Clinton has the luxury of in office while Bush was hit with a recession (or 2 now)? It's easy to operate a balanced budget when the money is rolling in. Leaving parties out of it, fiscal responsibility and cutting the huge amounts of excess budgetary fat are crucial for the US to remain a superpower. why hasn’t anyone mentioned the huge economic boom that Clinton has the luxury of in office while Bush was hit with a recession (or 2 now)? It’s easy to operate a balanced budget when the money is rolling in.

Leaving parties out of it, fiscal responsibility and cutting the huge amounts of excess budgetary fat are crucial for the US to remain a superpower.

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