Steven Waldman

Steven Waldman


Is Obama’s Tax Cut the Biggest in History?

posted by swaldman

The Democrats have been so busy defending federal spending, and denigrating the stimulative power of tax cuts, that they apparently either forgot to — or felt they couldn’t — point out something rather dramatic: the tax cuts in this stimulus plan appear to be the biggest in history.
The compromise stimulus plan includes $282 billion in tax cuts over two years.
According to the Wall Street Journal, Bush’s first two years of tax cuts amounted to $174 billion. A second batch in 2004 and 2005 cost $231. And those were thought to be bigger than the tax cuts offered by Reagan, Kennedy or others.
Now, perhaps some new analysis will show that the tax cuts end up not quite being the largest in history by this measure or that. But it’s clear they’re massive.
I’m ducking the debate on whether this is economically good or bad — but surely it ought to be a big story.
It leads to two further points. The fight got boiled down to: Democrats want spending. Republican want tax cuts. This is partly the media’s fault for following the script layed out by the Congressional leaders, but it also represents a lost opportunity by Obama. In his press conference, he mostly made the case for spending. He didn’t make the case for the massive size of his tax cuts.
Second, Obama kept a campaign promise that few Republican thought he’d keep. If this weren’t part of a larger package, that would be an enormous story. A liberal Democrat in the campaign promised the biggest tax cut in history. Republicans said it was a complete charade (and many liberals didn’t much like it anyway). And the Democrat in his first few weeks delivers the tax cut.



Advertisement
Comments read comments(66)
post a comment
Tim

posted February 12, 2009 at 10:31 am


Equally important is who benefits from the tax cuts. Haven’t read the analysis, but I assume Obama is helping out the working class, as opposed to Bush’s giveaways to the top 1%.



report abuse
 

jestrfyl

posted February 12, 2009 at 11:45 am


This is proof that you have to read soething BEFORE you comment on it. Great catch, Steve. Now, let the whining begin!
I trust Obama will do as he promised, as much as Congress will allow. So far i have seen no smoke or mirrors, only the dust of hard work and the ramps to get the work done well. This guy could turn out better than anyone exopected!



report abuse
 

ash

posted February 12, 2009 at 2:35 pm


This is not the biggest tax cut in history. It is the biggest redistribution of income in history. These tax cuts go to people
who don’t even pay taxes. That is called welfare.



report abuse
 

Matt

posted February 12, 2009 at 2:36 pm


Think about this for the 2010 mid-term elections – the entire GOP House Delegation and all but 3 GOP senators voted AGAINST the largest tax cut in US history. High comedy.
Maybe Obama wanted this point to fly below the radar so the Dems can hold it over the GOP’s head for years to come.



report abuse
 

Matt

posted February 12, 2009 at 2:40 pm


I’m sorry, Ash, but how does one give tax cuts to those that don’t pay taxes?



report abuse
 

Jake

posted February 12, 2009 at 2:41 pm


Ugh. They pay payroll taxes, even if they don’t pay income tax. I can’t believe you’re trotting out that ridiculous line from the campaign.



report abuse
 

Guy

posted February 12, 2009 at 2:56 pm


@Ash:
Taxes necessarily redistribute income. It is an ontological facet of taxation.



report abuse
 

Luke

posted February 12, 2009 at 2:59 pm


Just like the Republicans who were saying, “This is not a stimulus bill, this is a spending bill” Ash doesn’t know what she’s talking about when she says “it’s the biggest redistribution of income in history”. Just like a stimulus IS BY DEFINITION a spending bill, a tax cut IS BY DEFINITION a redistribution of income.



report abuse
 

Doug P.

posted February 12, 2009 at 5:35 pm


I voted for Obama and I do think short-term Keynesianism may (repeat, may) staunch the job losses that are the real harm of the current downturn. That said, I can’t help but feel this kept promise will haunt us like the one promise Clinton kept and stood by: that capitulation to investors known as free trade. The sad thing is Obama, like Clinton, will get a pass from “progressives”, who will prove—as if we needed any more proof—that they long ago lost any stomach they may have had for the radical measures needed to ensure a humane future for all of us.



report abuse
 

Blue Ski

posted February 12, 2009 at 11:27 pm


You have to cut spending when you cut taxes, otherwise it’s not really a tax cut.
And Jake…really, people are simply getting their payroll taxes refunded to them? Then explain how a person that earns about $12,000 and pays $900 in payroll taxes qualify for $3400 in refundable tax credits if they have just one child? Refundable tax credits are a replacement for welfare which is what they are designed to be. Calling it a tax refund sounds so much better than a welfare check.



report abuse
 

Matt

posted February 13, 2009 at 8:21 am


“You have to cut spending when you cut taxes, otherwise it’s not really a tax cut.”
Well Blue Ski – that means that Reagan and W didn’t “really” cut taxes because neither of them cut spending.



report abuse
 

Michael

posted February 13, 2009 at 12:25 pm


Blue Ski:
I can’t explain “how” except to describe the process of printing a check and putting it in the mail (many people at that income level do not maintain a bank account).
I can explain WHY a working man who is supporting “just one” child on $1000/month is getting a “rebate check” — because they’ll spend it. Think about how much your rent is. If you live in a city like I do, it’s probably close to $1000 on its own. My family does very well if we spend less than a $1000 on our utilities and food in a month (heat in Chicago is EXPENSIVE). My mortgage payment is more than double what your hypothetical welfare case is *earning* a month, and I imagine, since we’re having a debate online with computers, you’re probably in a similar situation. Could you maybe get a little perspective, please?
That’s what I just don’t get about the opposition to this bill on the basis that it’s “just a spending bill.” Yeah. Duuuuuh.



report abuse
 

Annette, Missouri

posted February 13, 2009 at 1:27 pm


How do you explain the fact that your statement is not true?? The Bush tax cuts were a lot more than what you are saying??
http://money.cnn.com/2001/01/25/economy/greenspan/
In testimony to the Senate Budget Committee, Greenspan declined to comment on President Bush’s $1.6 trillion, 10-year tax cut plan, saying a decision on the size of a cut was best left up to Congress and the political process. But the Fed chairman’s backing of tax cuts as economically sound likely will provide a boost to the new administration’s proposals.
Let’s talk about that now…if we are going to be talking about the plans then lets be honest…ok..



report abuse
 

Blue Ski

posted February 13, 2009 at 3:26 pm


Matt:
You’re absolutely right. Reagan even expanded the earned income credit. Both parties are basically some kind of socialist/fascist hybrid.
Michael:
Nope, I’m not in a similar situation to you at all actually, besides the Chicago part. But I’m glad that at least we both agree that refundable tax credits are a form of welfare. In addition to the tax credit the hypothetical welfare case also receives food stamps, subsidized rent, Medicaid and SSI. My aversion to wealth redistribution comes from the belief that the welfare state will make us all worse off, including the poor, and will sooner rather than than later bankrupt itself. Exhibit A: California
As for the notion that we are going to have to spend ourselves out of this mess…well, many economists would disagree with such a preposterous notion, socialist economic theories notwithstanding.



report abuse
 

Zach

posted February 13, 2009 at 5:04 pm


I looked into this the other day. Bush’s cut was the biggest (in dollars) in history in terms of its 10-year effect. It’s 2-year effect wasn’t quite as large because some provisions came online slowly — a reason why it was criticized for being poor as countercyclical stimulus. Obama’s cuts cost less in the long run than Bush’s, but that have roughly the same effect on the bottom 80% of taxpayers in terms of change in after-tax income. Over the first two years, it’s possible that the stimulus cuts are the largest in history if you don’t correct for population growth.
Aside from all of that, the cuts in the stimulus are undoubtedly one of the largest middle-class tax cuts in history and probably the largest cut for the bottom quintile in history. The GOP will have a hard time running away from this vote in 2010 (“but but but we wanted even more tax cuts” probably won’t cut it).
http://alchemytoday.com/2009/02/10/how-will-the-gop-explain-voting-against-one-of-the-biggest-middle-class-tax-cuts-in-history/



report abuse
 

connecticut man1

posted February 14, 2009 at 1:46 am


Annette: “Greenspan declined to comment on President Bush’s $1.6 trillion, 10-year tax cut plan,”
I can talk about Obama’s 20 trillion in tax cuts over the next 15 years. Would that be honest? And bush wanted 1.6 trillion in tax cuts in 2001 (the article you a talking about) What did he really get that passed: “Mr. Bush’s 10-year, $1.35 trillion tax cut of 2001, considered the largest in history,”
And in the old article you link to Greenspan also said: “government estimates project more than enough surplus funds to pay off the debt and reduce taxes too.”
Let’s really be honest. How did that paying off the debt work out?
Zach: You have obviously thought this out. Did you take into consideration population growth in Bush’s tax cut years as well? JC



report abuse
 

stevenwaldman

posted February 14, 2009 at 2:11 pm


My numbers compared two-year periods. The estimate of the bush tax cut at 1.6 trillion is over TEN years



report abuse
 

Your Name

posted February 28, 2009 at 9:03 am


This is all based on a premise that issuing government checks to people who don’t even pay income tax is a “tax cut.” I rememeber when it used to be called “welfare.”



report abuse
 

Mbt Shoes

posted November 27, 2009 at 12:19 am


Thanks for the info. I found it really useful.



report abuse
 

Your Name

posted March 15, 2010 at 3:59 pm


Obama is simply redistributing the wealth.
Real tax cuts actually create jobs.
How’s that hope and change workin’ out for ya?
Jestrfyl…it’s hilarious to read your post from so long ago, and look at Obama’s horrid approval ratings today! Wow, who would’ve seen that one coming!?



report abuse
 

BigBlackMan

posted April 19, 2010 at 12:50 pm


“Obama is simply redistributing the wealth.
Real tax cuts actually create jobs.
How’s that hope and change workin’ out for ya?
Jestrfyl…it’s hilarious to read your post from so long ago, and look at Obama’s horrid approval ratings today! Wow, who would’ve seen that one coming!?”
You are light on facts, heavy on quips from Sarah Palin. She’s dumb! Any one who quotes her is also … Those tax cuts you mention helped kill the economy and bloat out debt. Remember, that was bush!



report abuse
 

CLARENCE SWINNEY

posted June 15, 2010 at 8:29 am


REDISTRIBUTE JESUS CHRIST OBJECTS
1945-1980 were Great Middle Class Years.
Affordable Education-Homes-Health Care-Jobs Jobs-Unions-Pensions
Reagan and Neo-Cons came on in 1981.
Ir was intentional ENRICH Wall Street reduce Middle Class.
1945-1% owned 30% Total Financial Wealth
1980-1% owned 20%
1989-36% (Ron big tax cuts for 1%)
2008–Bush Finished the Job
1%=43%
10%=70%
20%=93%
80%=7%-=120,000,000 workers=SHAFTED
20 years 3 Conservative presidents
18 years Conservative Senate
12 years Conservative House
6 years TOTAL CONTROL
Bush 8 let Wall Street go into Big Time Gambling
Instead of using investors money to create new businesses and increase current ones and create Jobs,
They created 31,000 Net New Jobs per Month.A shame.
Prior were Carter 218,000–Reagan 175,000–Clinton record 237.000
31,000 was an insult to working America.
During Bush 8 Wall Street shipped 2,300,000 of our jobs to China.
It will take creation of 250,00 new jobs per month for five years to get back to full employment (5%)
The Conservative ideology of Market knows best gave us Great Depression and Great Recession. Even Ultra Conservative Alan Greenspan had to admit it.
WHAT DID THEY DO??
Since 1980
60% Tax Cut to Top 1%
47% Tax Cut to Gamblers on Wall Street in Unearned Income Tax
Huge Estate Tax Cut
Revenue Sharing costs to rich in income taxes transferred to Middle Class in property taxes.
Fed gave Bush 1% Interest and big increase in Total Money Supply
1920’s Deja Vu. Banks rushed to borrow and lend lend lend to Developers
to build homes too large-too expensive for middle class declining disposable income
Increased Middle Class Payroll Tax
Taxes SS income
Five Cent Tax On Gas
Spending Spree on Defense which enriched Rich Investors in Defense
stocks,.
The Big Three took a 1000B of Debt from Carter and added on 8000B in 20 years of Spend + Borrow Our kids Can Pay Tomorrow.
Carter left Reagan a 600B Budget to which he added on 80%.
Carter left Reagan a less than 1000B of Debt and he added on 1700B
Clinton left Bush an 1800 B Budget which Bush took to 3600B..
Clinton left Bush a Surplus as far as an eye could see and Bush added on
6000B Debt or more than we had after 220 years.Grover Nutquist had a party..
Folks! It was intentional. Grover Nutquist of ATR made 127 visits to White House in Bush first term. He was one who wanted to drown Government in a bathtub..How! Spend and Borrow to force us to eliminate Social Programs.
He has us, in 2010, exactly where he wanted us.
Facts hurt. Democrats are just dumb to not preach it over and over
8 more of Neocons And American World Status will disappear to number two or three or worse.
Neocon ideology destroyed Rome-Spain-Holland-England and now America?
cswinney old ugly mean honest
prove me wrong please with facts and numbers



report abuse
 

payday loans toronto

posted July 26, 2010 at 7:52 pm


blog.beliefnet.com is great! Washington State legislators limit residents access to emergency cash loans A new law that has been written into the books this year may interfere with the ability of many to get emergency funds by limiting access to payday loans across the state of Washington



report abuse
 

dmon

posted August 6, 2010 at 12:47 pm


Obama is redistributing wealth with the tax cuts?
Yea, redistributing back to those that actually earned it, what don’t you get about that?
The redistribution of wealth happened with TARP 1 and Bush thankfully was unsuccessful in privatizing Social Security, or that would have been transferred to the elite banking class as well



report abuse
 

replica handbags

posted August 17, 2010 at 2:29 am


We Are Proud To Provide You Replica Handbags In Famous Brands. All Our Designer Replica Handbags Are In High Quality And Special Offers Are Underway.at Honeyreplicas.com



report abuse
 

Mary

posted August 17, 2010 at 10:57 pm


This is a meaningful article.I read it with interest.



report abuse
 

Mr. Payday Easy Loans Inc.

posted September 8, 2010 at 3:51 am


Fairly useful article. Myself & my neighbor were preparing to do some research about that. We got a high quality book on that matter from our local library and most books were not as descriptive as your information. I’m extremely glad to see such information which I was searching for a long time. oghtkdvoiotihogvgfgmflopouldgxkoyny
Mr. Payday Easy Loans Inc.



report abuse
 

payday loans online

posted September 21, 2010 at 6:45 am


This website is awesome. I constantly come across something new & different right here. Thank you for that data.



report abuse
 

payday loans canada

posted September 21, 2010 at 6:32 pm


Thanks for sharing your thoughts. Take care.



report abuse
 

no faxing loans

posted September 22, 2010 at 5:36 pm


Thanks for sharing your thoughts. Take care. fixisytjwqc



report abuse
 

no fax loans

posted September 25, 2010 at 5:58 pm


Great concepts on this website. It’s rare these days to find websites with data you are seeking. I am happy I chanced on this webpage. I will certainly bookmark it or even register for your rss feeds simply to be updated on your new posts. Keep up the nice job and I’m sure some other folks researching valued information will actually stop by and benefit from your website for resources.



report abuse
 

loans in canada

posted September 26, 2010 at 3:40 am


Thanks for making such a killer blog. I come on here all the time and am floored with the fresh information here.



report abuse
 

loan canada bad credit

posted September 26, 2010 at 4:18 pm


This article gives the light in which we can observe the reality. This is very nice one and gives in-depth information. Thanks for this nice article



report abuse
 

loan in canada

posted September 27, 2010 at 5:05 pm


Fantastic read, I just passed this onto a colleague who was doing a little research on that. And he actually bought me lunch because I found it for him smile So let me rephrase that: Thanks for lunch!



report abuse
 

payday loan ontario

posted September 28, 2010 at 6:53 am


Thanks for sharing your thoughts. Take care.



report abuse
 

canada loans for bad credit

posted September 28, 2010 at 5:50 pm


Thanks for very good news! Your online site is really useful for me. I bookmarked your web page!



report abuse
 

loans bc canada

posted September 29, 2010 at 6:07 pm


This web page is awesome. I constantly encounter some thing new & different right here. Thank you for that data.



report abuse
 

lose weight

posted October 2, 2010 at 5:23 am


I am doing some thing of the same interest and will be taking note on this .Thanks.



report abuse
 

faxless payday loan

posted October 4, 2010 at 3:29 am


The submit is really the best on this laudable topic. I concur with your conclusions and will eagerly look forward to your future updates. Just saying thanks will not just be enough, for the exceptional lucidity in your writing. I will at once grab your rss feed to stay privy of any updates. De delightful work and much success in your business dealings!



report abuse
 

canadian loan bad credit

posted October 5, 2010 at 8:20 pm


Terrific read, I just passed this onto a colleague who was doing a little research on that. And he actually bought me lunch because I found it for him smile So let me rephrase that: Thanks for lunch!



report abuse
 

ugg boots

posted October 19, 2010 at 8:39 pm


Although the people to different degrees, but bootsugguggsuggs bootsugg footwearboots and womenwomens bootsUGG & JIMMY CHOOwomen with bootshigh boot,boots on saleblack bootsboots for sale in global economic recession create performance is really amazing



report abuse
 

rachat de credit

posted November 9, 2010 at 3:10 pm


A subject close to my heart thanks



report abuse
 

Jerrymander

posted November 27, 2010 at 8:57 pm


Weird that this is relevant to inspiration, spirituality, and faith. Don’t be a blaspheming apostate. Jesus doesn’t hate the poor, but he probably isn’t really happy about you invoking his name in your xenophobic war on the other.



report abuse
 

school grants

posted December 18, 2010 at 6:11 pm


This website is the optimum blog site. tswhjdax



report abuse
 

sample resume

posted December 22, 2010 at 4:31 am


This website is the leading web site. gkssydlt



report abuse
 

football online

posted December 24, 2010 at 5:39 am


I am looking for free college football online tv. How can I find it?



report abuse
 

calendar template

posted January 7, 2011 at 4:40 pm


Thanks for the info about Is Obama’s Tax Cut the Biggest in History?
– Steven Waldman



report abuse
 

payday loan online

posted January 8, 2011 at 7:13 pm


Your post about Is Obama’s Tax Cut the Biggest in History?
– Steven Waldman rocks!



report abuse
 

fitness gym

posted January 9, 2011 at 2:07 pm


Unfogettable post about Is Obama’s Tax Cut the Biggest in History?
– Steven Waldman!



report abuse
 

green home

posted January 9, 2011 at 8:50 pm


Unbelievable post about Is Obama’s Tax Cut the Biggest in History?
– Steven Waldman!



report abuse
 

home made pizza

posted January 10, 2011 at 1:58 pm


I appreciate all your hard work and your post about Is Obama’s Tax Cut the Biggest in History?
– Steven Waldman!



report abuse
 

payday loan advance

posted January 13, 2011 at 4:49 am


Major blogpost all over Is Obama’s Tax Cut the Biggest in History?
– Steven Waldman!



report abuse
 

payday loans calgary

posted February 16, 2011 at 8:31 pm


I like your bloge very much. Great job author of blog.beliefnet.com



report abuse
 

Avril Simpson

posted February 28, 2011 at 7:49 pm


Rather nice blog you’ve got here. Thanx for it. I like such themes and everything connected to them. I definitely want to read more soon.
Avril Simpson
escorts girls milano



report abuse
 

josh

posted May 28, 2011 at 1:38 pm


This is a meaningful article.I read it with interest.



report abuse
 

mia

posted June 9, 2011 at 9:13 pm


Don’t ever think others husband or wife than their own good, because they are not loving you.



report abuse
 

fax2email

posted July 1, 2011 at 3:52 am


My aversion to wealth redistribution comes from the belief that the welfare state will make us all worse off, including the poor, and will sooner rather than than later bankrupt itself. Exhibit A: California
As for the notion that we are going to have to spend ourselves out of this mess…

Read more: http://blog.beliefnet.com/stevenwaldman/2009/02/is-obamas-tax-cut-the-biggest.html#ixzz1Qq10w3t8



report abuse
 

Discount sunglasses

posted July 3, 2011 at 9:54 am


good!!!!!Thank you share, the article will make people good progress soon, I will share my article to you, because only together can share the progress.



report abuse
 

Portable Photo Scanner

posted July 6, 2011 at 10:24 am


That was a pretty decent article to read.
But Why all writers are against Obama?
That just make me so curious all the time.



report abuse
 

Halloween Contacts

posted July 13, 2011 at 12:51 pm


I’ve been surfing online more than three hours today, yet I never found any interesting article like yours. It is pretty worth enough for me. In my view, if all webmasters and bloggers made good content as you did, the web will be a lot more useful than ever before.



report abuse
 

Dental Handpiece

posted September 26, 2011 at 1:47 am


The relative gain array (RGA), R(s), can be useful for establishing the best … If it is not supplied, RelativeGainArrayNumberPlot tries to determine a suitable range … a legend that indicates the color used for each possible input permutation.



report abuse
 

Colored Contacts Store

posted April 9, 2012 at 6:42 am


Simply love the obama as a president of our country, amazing stuff and the tax cut was realy needed,.



report abuse
 

Canoscan

posted September 19, 2012 at 3:29 am


Preserve Yesterdays memories with Today’s Technology



report abuse
 

charmingdate scam

posted April 19, 2013 at 3:51 am


Preserve Yesterdays memories with Today’s Technology



report abuse
 

rachat de credit

posted September 23, 2014 at 4:53 pm


I’m not sure why but this web site is loading incredibly slow for me. Is anyone else having this issue or is it a issue on my end? I’ll check back later and see if the problem still exists.



report abuse
 

fetish vod

posted December 3, 2014 at 2:32 am


Hellko Dear, аre you trulу visiting this website regularly, if ѕo afterward ƴou will
absolutely οbtain goo ƙnow-ɦow.



report abuse
 

Post a Comment

By submitting these comments, I agree to the beliefnet.com terms of service, rules of conduct and privacy policy (the "agreements"). I understand and agree that any content I post is licensed to beliefnet.com and may be used by beliefnet.com in accordance with the agreements.



Previous Posts

More Blogs To Enjoy!
Thank you for visiting this page. This blog is no longer being updated. Please enjoy the archives. Here are some other blogs you may also enjoy: Top Religious News Most Recent Inspiration Post Happy Reading!

posted 6:00:22pm Apr. 20, 2012 | read full post »

Good Bye
Today is my last day at Beliefnet (which I co-founded in 1999). The swirling emotions: sadness, relief, love, humility, pride, anxiety. But mostly deep, deep gratitude. How many people get to come up with an idea and have rich people invest money to make it a reality? How many people get to create

posted 8:37:24am Nov. 20, 2009 | read full post »

"Steven Waldman Named To Lead Commission Effort on Future of Media In a Changing Technological Landscape" (FCC Press Release)
STEVEN WALDMAN NAMED TO LEAD COMMISSION EFFORT ON FUTURE OF MEDIA IN A CHANGING TECHNOLOGICAL LANDSCAPE FCC chairman Julius Genachowski announced today the appointment of Steven Waldman, a highly respected internet entrepreneur and journalist, to lead an agency-wide initiative to assess the state o

posted 11:46:42am Oct. 29, 2009 | read full post »

My Big News
Dear Readers, This is the most difficult (and surreal) post I've had to write. I'm leaving Beliefnet, the company I co-founded in 1999. In mid November, I'll be stepping down as President and Editor in Chief to lead a project on the future of the media for the Federal Communications Commission, the

posted 1:10:11pm Oct. 28, 2009 | read full post »

"Beliefnet Co-Founder and Editor-in-Chief Steps Down to Lead FCC Future of the Media Initiative" (Beliefnet Press Release)
October 28, 2009 BELIEFNET CO-FOUNDER AND EDITOR-IN-CHIEF STEPS DOWN TO LEAD FCC FUTURE OF THE MEDIA INITIATIVE New York, NY - October 28, 2009 - Beliefnet, the leading online community for inspiration and faith, announced today that Steven Waldman, co-founder, president and editor-in-chief, will re

posted 1:05:43pm Oct. 28, 2009 | read full post »




Report as Inappropriate

You are reporting this content because it violates the Terms of Service.

All reported content is logged for investigation.