Although President Obama complained for 6-7 years about President Bush and the economy he inherited, you didn't hear him mention the recession Bush inherited. Not the falling economy after 9-11, but the 2000 recession. The reason he didn't use Bush's method to restore stability was Bush had used a TAX CUT, not stealing from Peter the employed to pay Paul the unemployed. Bush’s method didn't give Washington more power over our lives. Democrats hate, hate, hate for you to keep more of your money to make your own decisions.
Specifically, EGTRRA of 2001:
*Increased the tax-deductible contributions people could make to their IRA accounts.
*Doubled the child tax credit from $500 to $1,000.
*Expanded the Earned Income Tax Credit.
*Provided greater tax deductions for education expenses and savings.
*Reduced the gift tax.
*Provided relief from the Alternative Minimum Tax.
*Phased-out the estate and generation-skipping transfer taxes so that they were eliminated in 2010.
*Reduced the “marriage penalty” by doubling the standard deduction for married couples. It also doubled the income threshold for married couples for the 15 percent tax bracket. *Those measures made the tax rates equivalent to what the couples would have had if they were single.
*Eliminated the planned phase-out of personal exemptions for those earning over $150,000, and the phase-down of itemized deductions for those earning over $100,000.
And the burst housing bubble of 2007-2008? You can thank the Community Reinvestment Act of 1977. Our wise politicians actually believed that if you put a low income worker deeper in debt for a housing mortgage, you could lift the family out of poverty with just the appearance of affluence. They new better than local bankers. What? Require 20% down like our first home loan in 1962? You must be a bigot. And they invited speculators in. Sort of like the current education debt, which no one wants to examine, not even Trump.
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