AP Shocker: Bush Tax Cuts Didn't Just Help The Rich

<img src="http://media.eyeblast.org/newsbusters/static/2010/09/AP%20Shocker%20Bush... width="240" height="180" align="right" /><p>For almost ten years, the Bush tax cuts have been depicted by media as only helping rich people.</p><p>Now, with them set to expire, and a Democrat in the White House desperately needing a stronger economy to help him and his Party's political fortunes, the Associated Press is telling readers the truth with the following headline:</p><blockquote class="webkit-indent-blockquote" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 40px; border-width: initial; border-color: initial; border-style: none; padding: 0px"><p><span class="Apple-style-span" style="font-family: arial, sans-serif; font-size: 22px; letter-spacing: -1px; line-height: 34px"><b>Expiring Tax Cuts Hit Taxpayers at Every Level</b></span></p></blockquote><p><span style="font-family: arial, sans-serif; font-size: 12px" class="Apple-style-span"> </span><span style="font-family: arial, sans-serif; font-size: 12px" class="Apple-style-span"> </span>If you think that's amazing, wait until you see the <a href="http://www.foxnews.com/politics/2010/09/17/expiring-tax-cuts-hit-taxpaye... class="webkit-indent-blockquote" style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 40px; border-width: initial; border-color: initial; border-style: none; padding: 0px"><p>A typical family of four with a household income of $50,000 a year would have to pay $2,900 more in taxes in 2011, according to a new analysis by Deloitte Tax LLP, a tax consulting firm. The same family making $100,000 a year would see its taxes rise by $4,500.</p><p>Wealthier families face even bigger tax hikes. A family of four making $500,000 a year would pay $10,800 more in taxes. The same family making $1 million a year would get a tax increase of $53,200.</p><p>The estimates are based on total household income, including wages, capital gains and qualified dividends. The estimated tax bills take into account typical deductions at each income level.</p></blockquote><p>Okay, so putting this in reverse, doesn't that mean that when these tax cuts were first implemented - you know, when that awful Republican named George W. Bush was president! - a typical family of four with a household income of $50,000 a year <i>saved</i> $2,900 per annum <i>as a result</i>? And a family making $100,000 a year <i>saved</i> $4,500? </p><p>Gosh, that means these tax cuts <i>weren't </i>just for the rich as virtually every media outlet in America has been claiming since they were first proposed.</p><p>Makes you wonder how such organizations can stay in business when they do such a terrible job. </p>

Noel Sheppard
Noel Sheppard
Noel Sheppard, Associate Editor of NewsBusters, passed away in March of 2014.