About the Bush tax cuts …

September 11, 2009

I like the growthy 2003 Bush tax cuts; the social-policy 2001 version not nearly as much. But it is wrong to say these cuts were only for the rich, as the POTUS said earlier this week (from the Tax Foundation):

Every tax rate was reduced. Now, about half of the dollar savings from the tax cuts went to the top 10% of taxpayers (when you include various credits and other tax changes included as part of the packages), but that’s probably because the top 10% pay over 70% of all income taxes. Those on the left side of the aisle may disagree with that approach to tax cuts, preferring targeted relief for lower-income individuals, but it’s disingenuous to say that the 2001-03 tax cuts only went to “the wealthiest few.”

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