In an August 8th editorial entitled “The Truth About Taxes” the New York Times finally (if unwittingly) acknowledged Bush reforms weren’t just “tax cuts for the rich.” America’s “Journal of Record” wrote: “Letting all of the cuts expire at the end of 2012 would save $3.8 trillion over the next decade. Letting the tax cuts expire for those making more than $250,000 would save $700 billion.” In other words, 82 percent—82 percent!—of Bush tax relief goes to households earning below $250,000, benefiting the middle class, and poor families who got dropped from tax rolls altogether.
It’s a gigantic lie that Bush tax rates favor only “millionaires and billionaires” as the president regularly suggests. The Times numbers reveal that targeting only wealthy taxpayers would make scarcely a dent in overall debt—reducing it at most by 5 percent.
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