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September, 2004
Bush Misleands On Tax Cuts
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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=1322174&l=50499.
2. "Effective Federal Tax Rates Under Current Law, 2001 to 2014,"
Congressional Budget Office, 08/2004,
http://daily.misleader.org/ctt.asp?u=1322174&l=50503.
3. "Report Finds Tax Cuts Heavily Favor the Wealthy," New York Times, 08/13/04, http://daily.misleader.org/ctt.asp?u=1322174&l=50500.
4. Ibid, http://daily.misleader.org/ctt.asp?u=1322174&l=50500.
5. Ibid, http://daily.misleader.org/ctt.asp?u=1322174&l=50500.
6. "Tax Burden Shifts to the Middle," Washington Post, 08/13/04,
http://daily.misleader.org/ctt.asp?u=1322174&l=50501.
Visit www.Misleader.org for more about Bush Administration distortion.