Obama vs Bush within the Benefits Gained from the Tax Cuts
People often compare Obama vs. bush when they are referring to tax cutting. In view of the number of tax cuts during the Bush administration, people have always considered Bush over Obama when it comes to the tax cuts. People cannot be blamed for the assumptions and preferences especially if they have been benefited by the Bush tax cuts. If you are not a political analyst, you would really assume that that Obama has really called for the expiration of such tax cuts under the previous administration. However, there are data and statistics available for analysis that supports the truth that President Obama was a bigger tax cutter than Bush.
The point here is both of the presidents have been big tax cutters and also the difference lies in how they implemented the tax cuts. One cannot help but notice that while the tax cuts under the Bush administration were indeed massive, they favored only 25% of the wealthiest individuals in the United States. The strategy of Obama was to implement tax cuts that will be favorable for the entire population of the United States and never specifically targeting few percentage of the nation.
Although Obama called for expiration of a few of the tax cuts by President Bush, he also signed more tax cuts into law which actually increased in value. President Bush had enacted various tax cuts in 2001 to 2003 which reduced the tax revenue of the government by $2.4 trillion dollars. Within 10 years, this does seem to be quite a massive amount. Under the Obama administration two major tax cuts have been signed into law and has taken effect. These two tax cuts has highly benefited each and every citizen of the United States. The tax cuts were introduced under the act called the American Recovery and Reinforcement Acts. The tax cuts included the Making Work Pay tax credit that actually reduced the income tax bill of a family by $800. This was a massive achievement that benefits the working population and particularly the middle class families which comprises of a large part of American population. In December 2012, president Obama signed another deal to implement another round of tax deductions. The new tax deal signed by Obama paved the way for that extension of the Bush tax reductions for another two years. All in all, president Obama reduced taxes by $654 billion in two years only.
Above all, president Obama is looking forward to close the budget deficit by increasing the tax revenue. However, it will come to a point when all these tax cuts will be stopped as this is only in line with the recovery programs of the administration.
As the political season heats up, so will the rhetoric. Many Obama vs Bush comparisons will be made, and people will ask if we are better off with Obama. There will also be questions with the whole “Mitt Romney Taxes” debate (both his own tax returns, as well as his tax policy).
Processing your request, Please wait....
