bush's tax cuts
The wonderfully named (and just permalinked) Gorilla-a-Go-Go posted a great chart from a Congressional study showing how vastly disproportionately the benefits of Bush's tax cuts go to to the very wealthy (of course). The wealthiest 1% of Americans would receive an average of $11,483, whereas the bottom 80% would average $29.50.
While the 81-99 percentile is conspicuously missing, this chart perfectly illustrates the mendacity of Bush's claim that taxpayers would receive an "average" cut of around a thousand bucks. I have to wonder again about principled conservatives -- doesn't it ever bother them that Bush feels he has to lie to the American public to sell policies they believe in so strongly?
(graphic swiped from CalPundit)
Meanwhile, Matthew Yglesias points out that the "top 1%" figure doesn't have the resonance it should have; he suggests -- quite rightly -- that it needs to be a number. That number, it turns out, is US$374,000 per year.
Yglesias' observation is spot-on: While many of the American public may mistakenly believe that they're already in the top 1%, or will be there someday, they can certainly count. I wonder how much support these tax cuts -- not to mention the next round -- would receive from a public that realizes it won't get diddly from them, but given Bush's rhetoric -- and the fact that Bush is selling the cuts to people with no hope of benefiting from them -- I think Karl Rove knows the answer to that question, and he doesn't like it.
I wonder if Bush wants his tax cuts badly enough to accept some tax increases along with them -- and if so, how he plans to explain it.
P.L.A. has lots more on Bush's "faith based" tax cuts.