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Obama vs Bush within the Benefits Gained from the Tax Cuts

By Subscribe to RSS | May 9th 2012 | Views:
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When ever a discussion on tax cutting comes about, people can't help but compare Obama vs. Bush. 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. This comparison and preference is natural since on the outlook the tax cuts of Bush seem to be massive. If you are not a political analyst, you would really assume that that Obama has really involved the expiration of such tax cuts under the previous administration. However, if you will analyze all the facts concerning the tax cuts, you'll actually understand that Obama is a bigger tax cutter than Bush.

Evidently, both of the presidents were big tax cutters and they differed only on how they were able to tackle the tax cuts. While it is true that the tax cuts under the Bush administration were really massive, it didn't benefit the whole population since only the wealthy 25 percent of the US benefited from the tax cuts. The tax cuts under the Obama administration were more favorable for the whole country and not specifically for a few percentage of the population.

An analysis of the facts will reveal that Obama has really involved the expiration of the tax cuts under the Bush administration but has signed more tax cuts that are favorable to every American. 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 an enormous amount. Taking into account the Obama administration, two major tax cuts were signed by the president. These two tax cuts has highly benefited each and every citizen of the United States. 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. Another tax which has led to a new round of tax reductions have been signed by president Obama in December 2012. 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.

However, president Obama is looking for a way to close the budget deficit by increasing the revenue from your taxes. However, it will come to a point when all these tax cuts will be stopped as that is only in line with the recovery programs of the administration.

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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).

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