Bush Tax Cuts Argumentative Essay
Aside from having the largest benefit for the wealthy population, the Bush tax cuts were also controversial for a multitude of reasons. These tax cuts forced the government, Congress in particular, to make a variety of changes and adaptations to the new financial situation they would find themselves in. Due to the decrease in revenue the government would be receiving in taxes, Alterations in spending had to be expected. According to Isaac Shapiro, the Bush tax cuts “have been a major contributor to the dramatic shift from large projected budget surpluses to projected deficits as far as the eye can see.” This is largely due to the amount of government spending not properly adjusting to the reduced budget cause from the tax act. The surplus which
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However, it was the downward sequence of events that followed the tax cuts which made it seem like a bad idea to begin with. Starting with the rationale behind the tax cuts when they were proposed, it was undeniable that the main class benefitting from maintaining a portion of their income would be the rich due to the large amounts of money they would be saving. However, the defense of this notion was the idea that the money which the rich would be saving would be used to create jobs for the working class. The failing portion of this idea came due to the fact there was no large quantity of additional jobs came from the large amounts of money the rich saved. While there were a variety of events that unfolded which perhaps hindered the results Bush planned on obtaining from his tax plans such as the War on Terror, ignited by the 9/11 terror attacks, there is no solid evidence that the tax plans created jobs at all. From my perspective, allowing lower class citizens to keep a larger portion of their checks initially seems like a great idea, but to sustain long term economic growth this idea quickly becomes negative. Since the tax cuts were not saving those with lower income a large amount of money, they were not spending greater amounts
However, it was the downward sequence of events that followed the tax cuts which made it seem like a bad idea to begin with. Starting with the rationale behind the tax cuts when they were proposed, it was undeniable that the main class benefitting from maintaining a portion of their income would be the rich due to the large amounts of money they would be saving. However, the defense of this notion was the idea that the money which the rich would be saving would be used to create jobs for the working class. The failing portion of this idea came due to the fact there was no large quantity of additional jobs came from the large amounts of money the rich saved. While there were a variety of events that unfolded which perhaps hindered the results Bush planned on obtaining from his tax plans such as the War on Terror, ignited by the 9/11 terror attacks, there is no solid evidence that the tax plans created jobs at all. From my perspective, allowing lower class citizens to keep a larger portion of their checks initially seems like a great idea, but to sustain long term economic growth this idea quickly becomes negative. Since the tax cuts were not saving those with lower income a large amount of money, they were not spending greater amounts