June 06, 2005
Why Oh Why Are We Ruled by These Liars? (Bush Tax Cuts Edition)
David Corn writes:
David Corn: I know that only a few of us in the media still bother to worry about Bush's veracity and his tilted-to-the-rich tax cuts. But I was reminded yesterday of how easily Bush has gotten away with lying about his handouts to the wealthy. The New York Times, as part of its ongoing series on class in America, published a large chart on the distribution of all of Bush's tax cuts (including his current proposal to extend his tax cuts indefinitely). The numbers are amazing. The top .1 percent of taxpayers--145,000 taxpayers--receive 15.2 percent of all these tax cuts. (These folks make over $1.6 million a year). The top 1 percent--1.4 million taxpayers who bag over $383,000 a year--pocket 30.6 percent of the trillions of dollars in so-called 'tax relief.' (Is it 'relief' when you give millionaires $100,000 or more each year in tax cuts?) Looking at the other end of the ladder, we see that the bottom 60 percent--those 87 million people making less than $44,000 a year collect 15.1 percent of Bush's tax cuts, averaging a little over $300 a year in annual tax savings.
Three hundreds buck--a dollar a day--may mean something to these people. (Hey, that covers the cost of The New York Times!) But such a princely gain comes at a tremendous cost--which includes nearly $500 a day for the wealthiest.
The Times chart made me nostalgic. I remembered the days of the 2000 campaign, when Bush claimed, 'The vast majority of my tax cuts go to the bottom end of the spectrum.' It wasn't true then. And it's not true now. Does anyone care that Bush misrepresented his plan and continues to downplay his relieve-the-rich actions? Not much, it seems. I'm willing to bet my tax 'relief' that the Runaway Bride has gotten far more coverage on TV news than Bush's tax policy over the past year...
Posted by DeLong at June 6, 2005 09:11 PM