When Tax Cuts Attack
President Bush is scheduled to tout his tax cuts today at a Tax Day event in Iowa [4/15/04 - ed]. He is expected to repeat his oft-heard mantra that tax cuts have helped all Americans. But according to a new poll by Money Magazine, "60% of Americans said the Bush tax cut did not personally help them". ["Money poll: Tax cuts unpopular", CNN Money, 04/15/2004.]
Meanwhile, almost half of all Americans say that their taxes have risen under Bush. ["ASSOCIATED PRESS POLL: Most prefer balanced budget to tax cuts", Grand Forks Herald, 04/15/2004.]
And a look at the record shows exactly why that majority opinion is factually correct. According to a non-partisan analysis, in the year 2006 88% of Americans will receive less than $100 from the president's 2003 tax cut. ["Most Taxpayers Get Little Help From Latest Bush Tax Plan", Citizens for Tax Justice, 05/30/2003.]
Additionally, the president has refused to extend the full child tax credit to 16 million children ["Bush Tax Plan's Child Credit Boost Leaves Behind One in Four of America's Children", Citizens for Tax Justice, 05/29/2003.], including 250,000 children of military families. ["Study: Military kids slighted on tax credit", USA Today, 06/04/2003.]
At the same time, the president's 2004 budget proposed an increase of almost $6 billion in new federal taxes and fees ["Bush's 2004 Budget Proposes More Fees", Washington Post, 04/19/2003.] while creating record-deficits that have forced states to raise taxes by $14.5 billion since 2001 [State Budget & Tax Actions 2003, National Conference of State Legislatures.].
And to top it off, he has reduced IRS audits of large profitable corporations whose tax rates have plummeted ["Corporate tax burden shows sharp decline", Associated Press, 04/13/2004.], while increasing IRS audits of ordinary Americans ["IRS More Likely to Audit Individuals", Los Angeles Times, 04/12/2004.].
Of course, there is a handful of people who are reaping a personal windfall from Bush's tax policy: President Bush, Vice President Cheney, and their top campaign donors. The president himself pocketed more than $30,000 in new tax breaks this year while the Vice President took in an extra $11,000 ["Bushes, Cheneys Reaped Tax Benefits", Associated Press, 04/14/2004.]. And a new Public Campaign report shows that top Bush-Cheney contributors are raking in even more [Campaign Money Watch, 04/15/20]. For instance, Charles Cawley, CEO of credit card giant MBNA, raised more than $200,000 for the Bush-Cheney campaign and was rewarded with at least $276,000 in tax breaks. Similarly, William MaGuire, CEO of UnitedHealth Group, raised more than $100,000 for the Bush-Cheney campaign and will get at least $329,000 in new tax breaks from President Bush.
Copyrighted source material contained in this article is presented under the provisions of Fair Use.
FAIR USE NOTICE
This article contains copyrighted material, the use of which has not always been specifically authorized by the copyright owner. I am making such material available in my efforts to advance understanding of democracy, economic, environmental, human rights, political, scientific, and social justice issues, among others. I believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material in this article is distributed without profit for research and educational purposes.