Sunday, August 29, 2004

Bush Tax Cuts Benefit Everyone

Despite what the media and the Democrats tell you, the tax cuts signed by President Bush have not shifted the burden of taxes to the middle class. When John Kerry and the Democrats say that the tax cuts were only for the wealthy they are either lying or they are ignorant of the facts, take your pick. The Detroit News ran an op-ed, complete with graphs, that shows just how misleading the statements by the Democrats and John Kerry are. The graphs shows and the op-ed states that the tax burden shifted upward toward the very wealthy after the Bush tax cuts:

The report proves that what President Bush said about his tax cuts is true: “Tax relief is for everyone who pays income taxes.”

It’s true for the rich, and it’s true for the not-so-rich. Across 109.4 million tax-paying households — from the wealthiest 1 percent with incomes averaging over $1 million to the lowest-earning 20 percent of people with incomes averaging $14,900 — the report shows that all income classes have seen their income tax rates lowered thanks to Bush’s cuts in 2001, 2002 and 2003.

The CBO report shows how 2004 income tax rates have dropped for everyone compared with tax laws in force in 2000.

The report also shows that Bush’s tax cuts have been “progressive” — that is, they have shifted the share of the overall federal income tax burden toward the wealthy and away from lower-income earners. Without the Bush tax cuts, the highest-earning 20 percent of households this year would have paid 78.4 percent of all federal income taxes. Now, after the Bush tax cuts, their share of the burden has risen to 82.1 percent. Every other group now pays a smaller share of the total income tax burden.

Another part of the CBO report shows how the income tax burden has shifted upward for the rich and downward for everyone else.

The op-ed takes the Wall Street Journal to task for an article they ran using numbers for which the paper gave the impression came from the CBO report. They did not. The Wall Street Journal actually used an analysis of the actual report by a Democratic Congressional group.

Read the whole thing and pass it to anyone you know who is stillscreaming that the tax cuts were for the wealthy.

Be sure to check the current posts for updates.