Drudge Retort: The Other Side of the News

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Considering the Democrats haven't lowered taxes since LBJ signed JFK's tax relief measure in 1964

When lies are all you have...

President Obama has also signed two major pieces of tax-cutting legislation into law. The first, the American Recovery and Reinvestment Act, included a variety of tax cuts that benefited nearly every single American household. ARRA contained the Making Work Pay tax credit that directly reduced a family's income tax bill by up to $800, which, overall, reduced tax revenue by about $116 billion. It included expansions of the child, earned income, American Opportunity, and first-time homebuyer tax credits. ARRA patched up the alternative minimum tax, providing $70 billion in tax cuts, and cut a wide array of business taxes, together totaling another $60 billion.

All told, the Recovery Act included $243 billion worth of tax cuts through 2012.

Nearly two years after signing his first big tax cut bill into law, President Obama completely outdid himself by signing the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, commonly known as the December 2010 tax deal. The biggest element of the December deal was the extension, for two additional years, of all the Bush tax cuts and alternative minimum tax relief, at a two-year combined cost of more than $400 billion.

In addition, the deal extended a variety of business tax cuts and incentives, which reduced revenues by some $150 billion, and it cut the estate tax -- a tax paid by only a very few super-wealthy, massive estates -- by $65 billion. The December tax bill also cut the payroll tax paid by employees by 2 percentage points, delivering more than $110 billion in tax cuts to working Americans.

Put it all together, and in one fell swoop, President Obama cut taxes by $654 billion in 2011 and 2012 alone. In other words, with this bill President Obama cut taxes by more, in raw dollar amounts, in just half of his term than George W. Bush did over his full first term.


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