Daily Mislead - Distribution of Tax Cuts

[swag]

===============================
THE DAILY MIS-LEAD

< http://daily.misleader.org/ctt.asp?u=1805376&l=50504 >
===============================

BUSH MISLEADS ON DISTRIBUTION OF TAX CUTS

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=1805376&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=1805376&l=50509.
3. "Report Finds Tax Cuts Heavily Favor the Wealthy," New York Times,
08/13/04, http://daily.misleader.org/ctt.asp?u=1805376&l=50506.
4. Ibid, http://daily.misleader.org/ctt.asp?u=1805376&l=50506.
5. Ibid, http://daily.misleader.org/ctt.asp?u=1805376&l=50506.
6. "Tax Burden Shifts to the Middle," Washington Post, 08/13/04,
http://daily.misleader.org/ctt.asp?u=1805376&l=50507.

Visit www.Misleader.org for more about Bush Administration distortion. »

===========================================================

Subscribe to the Daily Mislead! Go to http://www.misleader.org and enter your e-mail address in the "Receive the Daily Mislead" box in the
top-left corner of the page.

To unsubscribe send an email to [e-mail] with only the word "remove" in the subject line of your e-mail, or visit
http://daily.misleader.org/unsubscribe/ and follow the instructions
listed there.