The Bush cuts were installed beginning with 2001. They have been law, for the most part, since that time. We are not having a debate about "cuts to the very rich." Rather, we are having a debate as to whether we increase their tax schedule or not. The current code is nearly 10 years old.
What is most egregious in terms of misinformation and outright lies surrounding the "Bush cuts" is the fairytale that proclaims, "the Bush cuts benefited only the very rich."
Certainly the rich received benefit, the top tier being cut from 39.6% to 35% while the next tax schedule was cut from 36% to 33% . These are the top two tax brackets.
The bottom two brackets? Well, take a look at these two comparisons: the bottom bracket was lowered from 15% to 10% while the second from the bottom tax bracket received the largest cut of all, the Bush cuts taking this bracket down from a tax on 28% down to a mere 15%.
The notion that Bush cared more for the corporate world than he did for the working poor is stupid wrong, at best. The MSM (Main Stream Media) never offers its readership this information. With the event of the current debate, the cost of the Bush cuts have been published; 700 billion dollars for the top wage earners and a whopping 3 trillion dollars for the middle class. Understand that half of the "middle class" do not pay federal or state taxes at all !
By contrast, no brackets have been cut under Obama, despite all the talk otherwise. The Obama "cuts" are actually rebates that are, then, considered as income and taxed appropriately. In other words, my wife and I both received $250 each because of Obama in 2009. On April 15th, 2010, our tax bracket was the same as the year before and we had to pay taxes on the $500 we received from Mr. Obama. A tax break or a income? You read. You decide.
Refer to this site for some of the information used in this post:
http://www.cato.org/pub_display.php?pub_id=6621
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