RRRevolution

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Thursday, February 02, 2006

FAST FACTS REGARDING BUSH TAX CUTS & POVERTY RATES

To hear President Bush, you would think the tax cuts are helping to lift all Americans prospects, and fight poverty by reinvigorating our economy.

However, as these fast facts show, the truth is just the opposite ....

FACT — POVERTY RATES HAVE INCREASED UNDER BUSH: The poverty rate has risen each year since 2001, with 12.7 percent of the population now living in poverty. African-American poverty has risen from 22.7 percent in 2001 to 24.7 percent in 2004, and child poverty has gone from 16.3 percent in 2001 to 17.8 percent (1.3 million children under the age of 18). [U.S. Census Bureau, Aug. 2005, Tables B-1 and B-2]

FACT — BUSH TAX CUTS TARGETED AT HIGH-INCOME HOUSEHOLDS: The tax bills enacted since 2001 “have helped high-income households far more than other households,” according to the Center for Budget and Policy Priorities. Households with incomes exceeding $1 million have received average tax cuts of $103,000, “an increase of 5.4 percent in their after-tax income.” But in 2005, the bottom fifth of households “will receive an average combined tax cut of $18 from these bills, raising their after-tax income by 0.3 percent.” [Center on Budget and Policy Priorities, 10/17/05]

It is hard to argue with these findings. Did anybody tell President Bush??

Tip of the hat and thank you to thinkprogress.com for bringing these facts to our attention.

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