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BUSH MISLEADS ON DISTRIBUTION OF TAX CUTS


Rick Munroe
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(from the Daily Mis-Lead)

 

As a presidential candidate in 2000, George W. Bush pledged his tax cut

proposals "are especially focused on low and moderate income families."[1]

Those proposals became law - but a new study by the non-partisan

Congressional Budget office reveals that Bush mislead America about their

distribution.[2]

 

According to the CBO study, the wealthiest 1 percent of all taxpayers -

whose earnings average $1.2 million - are receiving an average tax cut of

$78,420 this year.[3] Meanwhile, the middle 20 percent of taxpayers - whose

earnings average $51,000 - are getting only a $1,090 cut.[4] Those in the

bottom 20% - averaging earnings of $16,620 - get just a $250 cut.[5] The

result: "President Bush's tax cuts have shifted federal tax payments from

the richest Americans to a wide swath of middle-class families."[6]

 

Sources:

 

1. "A Tax Cut with a Purpose," GeorgeWBush.com, archived from 11/2000,

http://daily.misleader.org/ctt.asp?u=1349718&l=50505.

2. "Effective Federal Tax Rates Under Current Law, 2001 to 2014,"

Congressional Budget Office, 08/2004, http://daily.misleader.org/ctt.asp?u=1349718&l=50509.

3. "Report Finds Tax Cuts Heavily Favor the Wealthy," New York Times,

08/13/04, http://daily.misleader.org/ctt.asp?u=1349718&l=50506.

4. Ibid, http://daily.misleader.org/ctt.asp?u=1349718&l=50506.

5. Ibid, http://daily.misleader.org/ctt.asp?u=1349718&l=50506.

6. "Tax Burden Shifts to the Middle," Washington Post, 08/13/04,

http://daily.misleader.org/ctt.asp?u=1349718&l=50507.

 

Visit http://www.Misleader.org for more about Bush Administration distortion.

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Uh, and anyone is surprised by this? There's a reason that G.O.P. stands for "Greedy Old Plutocrats." The first watchword of the the Republican Party is to watch out for the rich and powerful and screw the rest of us (using star-spangled rhetoric, of course). It's amazing that P.T. Barnum was so correct and that there are so many middle and lower-income people suckered into voting for G.O.P. candidates even though it's against their own self-interest and their own pocketbooks! x(

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