the Daily Mislead

As a presidential candidate in 2000, George W. Bush pledged his tax cut proposals "are especially focused on low and moderate income families."1 Those proposals became law - but a new study by the non-partisan Congressional Budget office reveals that Bush mislead America about their distribution.2 According to the CBO study, the wealthiest 1 percent of all taxpayers - whose earnings average $1.2 million - are receiving an average tax cut of $78,420 this year.3 Meanwhile, the middle 20 percent of taxpayers - whose earnings average $51,000 - are getting only a $1,090 cut.4 Those in the bottom 20% - averaging earnings of $16,620 - get just a $250 cut.5 The result: "President Bush's tax cuts have shifted federal tax payments from the richest Americans to a wide swath of middle-class families."6

Sources:
"A Tax Cut with a Purpose," GeorgeWBush.com, archived from 11/2000.
"Effective Federal Tax Rates Under Current Law, 2001 to 2014," Congressional Budget Office, 08/2004.
"Report Finds Tax Cuts Heavily Favor the Wealthy," New York Times, 08/13/04.
Ibid.
Ibid.
"Tax Burden Shifts to the Middle," Washington Post, 08/13/04.