NY TIMES VINDICATES BUSH TAX CUTS

Michael Medved

8/11/2011 3:53:47 PM - Michael Medved


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.