If you can't be civil then we have no need to continue in our debate....
1st...TARP was signed on Bush's watch...but the benefits of TARP didn't show up until Obama was in office...Obama knew of TARP and used TARP as part of his stimulus plan....he had 3 trillion at his disposal and all 3 trillion was used during his term as prez...TARP is considered part of the 2008 stimulus...you can read about it here...
http://money.cnn.com/2010/12/20/news...stimulus_cost/
Now, let's talk about tax cuts or tax increases and the reduction of corp taxes...
Somewhere between 0% tax rates and 100% tax rates is the sweet spot...too much tax and you will slow growth (less money to spend) while too little tax might spur growth but you could end up with less revenue...kinda depends on the economic situation of the time...good economy you can raise taxes....slow economy you don't raise taxes...I have no idea where the sweet spot should be in our current economic climate...I feel we should err to the lower tax side in our current mediocre economy with high unemployment...
Sometime in recent history I heard about lowering the corp tax rate and eliminating loopholes.....when was that? I am racking my brain...Oh...
Romney!
He got the crap beat out of him because he never listed the loopholes he wanted to eliminate....
Obama is now wanting to do the same thing...what loopholes does Obama wish to eliminate? Should be a damn long list....but I am 100% sure you can pop each and every one off the top of your head and list each for me..
Tax cuts can raise revenue...or bring forward money by raising rates so people move earnings as early as possible to avoid the hike or they can defer as much as possible to take advantage of lower future rates...
Let's look at Clintons term and LTCG rates in particular...
Yearly LTCG tax rates and federal revenue can be found here...
http://www.taxpolicycenter.org/taxfa....cfm?Docid=161
Look closely...
Rates were cut in 1997 and 1998...
Prior to the cut the LTCG rate was at 29.19% -Realized gains as a % of GDP was in the 2-2.5% range
After the cut the LTCG rate was at 21.19% - Realized gains as a % of GDP was in the 4-5% range
Rate was lowered by 30%...realized gains doubled...simple to see that we had increased revenue....
The same thing happened again when rates were cut further after 9/11
Even with a crashed market in 2008 we had realized gains at 2%
Mind boggling....huh....
Over the long term we pull in revenue in the 17.5% - 18% of GDP range...crappy economy will produce less while a booming economy will produce more...
Table 1.2 has annual revenue as a % of GDP
http://www.whitehouse.gov/omb/budget/Historicals
Last year was the Obama administrations best year...a whopping 16.7%...after spending trillions on stimulus and more trillions in the various QE's...
Obama is not alone in failure....the Dems in Congress are just as guilty...Pubs in Congress merrily joined in on the three ring circus...
This entire mess has been decades in the making...Pubs and Dems are both the cooks in the toxic brew we are being fed....
Hell, the 2008 recession can be directly traced back to Clinton....see LTCM...see Brooksley Born....watch
The Warning on PBS online