Bush Tax Cuts, Research Paper Example

According to a Newspaper written by Heffner, (2003), unemployment hard risen and so many people were on the streets looking for employment and unfortuniterly their were no job. In the previews three years the people of the United States heard lost a lot of jobs, companies were falling and the economy was falling too. So many people were forsed to resign from their jobs and go look for employment else where. So Geoger W. Bush’s gorverment heard to do something and do it quick, either to find employment for the people or to find a way of creating employment for the people of America. According to Bush increase of tax revenus was the only way, increase the tax for everyone, those people whose earn more should pay more tax, those who earn average sholud pay average and their will be others who do not pay anything and they are mostly the ones he was trying to find employment for.

The people of America are facing high cost of living because of the increased taxes which they heard not planned for, they have to review their expences and come up with another budget, food staffs are noe expensive, house rents is expensive and everything else is expensive and most of them have no jobs and those who have retained there jobs are earning very low wages that cant sustain them for long and they are forced to find other sorces of income (Kosterlitz, 2003). Another issue that facing the people of America is the increased medical bills, of course the gorvernment is giving the free medical services but only to the public hospital, so if any member of the American republic wont be able to cater for their medical bills they can always visits the public hospital where the can receive sthe medical services for free and they can also receive medicine or they can decide to go buy medicine for a pharmacy after receiving medical treatment.

President’s bush Tax cut will have positive and negative effects on the people of America; this budget deficit will affect the different people differently. We can divide the people of America into three; there are those that are high income earners, who earn over a million thousand dollars, there are those that are averages earners and there are those that poor. Those people that earn high monthly salaries will be required to pay more and those that pay less will be required to pay less (Brute, 2003). If you ask a low salary earner if they would want all the tax payer to be paying the same amount they would say no and if you ask a high earner he would respond that they should pay the same amount, But you know what, the way Bush introduced it is the best way to collect tax, that is if you earn high salary you should pay high taxes and vice verse.

Another effect is that people used to save for their pension retirement plan but after the tax increase they probably save very little or save nothing, so this tax increase will reduce the people’s development plan, the plan to grow themselves, the plan for their retirement. (Greenstein, 2004) According to presedent bush in a confrence in the year 2006, the economy has grown due to those tax returns and it we continue to because other than paying the employees and paying the countries depts, the taxes are used to advance public service business and creates more jobs for the people and also educate our youths for their own good and the good of the country and with so doing their will be jobs for unemployed and the cost of living will go down and also the high medical cost will also go down (Bruce, 2003). So he urges the country to bear with them for it’s for a short time. Soon they will be able to pay their taxes and their bills. He said that the country was going through a tough time but he promised the people that it was short lived.

The president added that paying of taxes is fair to all and for the high income earner the procedure is that they pay more and the low income earner they should pay less. This will help the small business owners to keep more of their money to themselves. The president reduced the taxes for the small business owners from 39.6 percent to 35 percent, a study done showed that only a small number of small business owners have a high income wage (Kayte, 2002). The president’s efforts were made worse by the war in Iraq and Afhaganstan where more and more of resources were used and to facilitate the soldiers .But all was not in vain because after his time was over president barrack Obama took over and he agreed by signing a contract to make sure that the process we bare fruits.

References

Bruce, I. (2003). “Taking into account the fact that their costs eventually must be paid for, most American families likely will lose from the tax cuts over the long run. In I. Bruce”, American families likely will lose from the tax cuts (p. 47). NewYork: Issack Pattrick.

Brute, N. (2003). “A study by the President’s own Treasury Department confirmed the common-sense view shared by economists across the political spectrum: cutting taxes decreases revenues”. . In N. Brute, A study by the President’s own Treasury Department confirmed the common-sense view shared by economists across the political spectrum:. Nichalas .

Greenstein, K. (2004). The legacy of the Bush tax cuts, in four charts. In The legacy of the Bush tax cuts, in four charts (p. 6). NewYork : Kogan.

Heffner, J. (2003). The Effects of the Bush Tax Cut. In Jacqueline, The Effects of the Bush Tax Cut (p. 86). NewYork City: Santa Clara County, CA.

Kayte, C. (2002). Economic Growth and Monetary Policy. In Curtis, Economic Growth and Monetary Policy. Kayte.

Kosterl itz, K. (2003). Tax Cuts: Myths and Realities . In Kosterlitz, Tax Cuts: Myths and Realities. Kosterlitz.