March 14, 2006 03:52 PM | Permalink |
The Bush Treasury Department today published charts that seem to show that President Bush’s huge tax cuts enacted in 2001 and 2002 failed to help the economy.
The tendentious report, “Report of the Department of the Treasury on the Economic Effects of Cutting Dividend and Capital Gains Taxes in 2003,” asserts that the 2003 tax cuts were the key to an improved economy in recent years. To prove that highly debatable point, the report presents charts showing how poorly the economy performed during President Bush’s first 2½ years in office, compared to more recently.
“Previously, the President had touted his 2001 and 2002 tax cuts as economically useful, but he now seems to have abandoned that claim,” noted Robert S. McIntyre, director of Citizens for Tax Justice. “Presumably, there will be further revisions in the President’s arguments as economic events unfold in the future.”