A Comparison Of Obama Vs Bush In Tax Cutting
People often compare Obama vs. bush if they are referring to tax cutting. Usually people believe that president Bush cut more taxes than Barack Obama and they always choose president bush over Obama when it comes to tax cuts. Making comparisons and preferences has always been the way for people and we cannot blame them for this particularly concerning the quantity of 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. On the other hand, Obama uses a smarter strategy in which almost the entire population of the US is benefiting from the tax cuts.
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. As a result of the tax cuts made by the Bush administration from 2001 to 2003, the revenue of the US government was reduced to $2.4 trillion dollars. Within 10 years, this does seem to be quite an enormous amount. Under the Obama administration two major tax cuts have been signed into law and has taken effect. The tax cuts has been of great benefit not only to some but the whole American population. The tax cuts which have benefited every household of the US were enacted under the American Recovery and Reinforcement Acts. One tax cut that has benefited households was the reduction of the tax by $800 and was enacted under the Making Work Pay tax credits. The tax credit was a very great achievement in so far as the working class of America that comprises a majority part of the population has greatly benefited from. 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. In two years time, the Obama administration was able to reduce the taxes by $654 billion.
With all the efforts made by president Obama, the budget deficit will be solved with an increase in revenue from taxes. 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.
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. On the other hand, Obama uses a smarter strategy in which almost the entire population of the US is benefiting from the tax cuts.
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. As a result of the tax cuts made by the Bush administration from 2001 to 2003, the revenue of the US government was reduced to $2.4 trillion dollars. Within 10 years, this does seem to be quite an enormous amount. Under the Obama administration two major tax cuts have been signed into law and has taken effect. The tax cuts has been of great benefit not only to some but the whole American population. The tax cuts which have benefited every household of the US were enacted under the American Recovery and Reinforcement Acts. One tax cut that has benefited households was the reduction of the tax by $800 and was enacted under the Making Work Pay tax credits. The tax credit was a very great achievement in so far as the working class of America that comprises a majority part of the population has greatly benefited from. 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. In two years time, the Obama administration was able to reduce the taxes by $654 billion.
With all the efforts made by president Obama, the budget deficit will be solved with an increase in revenue from taxes. 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.
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