Reply #2: yeah, I know that but it's like deja vu all over again. [View All]

[hfojvt]

Just like the Bush tax cuts, the payroll tax cut mostly benefits the wealthy. 46% goes to the richest 20% while a mere 27% goes to the bottom 60%.

Just like the Bush tax cuts, the CBPP is making the argument that "the greatest percentage in tax cuts goes to those at the bottom".

Just like the Bush tax cuts, Obama is claiming, the average worker will get a $1,000 tax cut when the distribution looks like this

Bottom 20% - average tax cut $145
next 20% - average tax cut $320
MIDDLE 20% - average tax cut $579 (less than 60% of that $1,000)

60% of the country is getting less than 60% of what Obama (and the CBPP) claims the "average" worker will get.

but just like with Bush's tax cuts

top 1% - average tax cut $2,328
next 4% - average tax cut $2,137

"This is my approach: tax relief for everybody, in every bracket, averaging $1,600 per family, while still reducing our national debt and funding important priorities." George W. Bush - Feb 5, 2001

"the bottom end of the economic ladder receives the biggest percentage cuts" George W. Bush - Feb 5, 2001

"My tax relief plan is a fair one, lowering the rate for all taxpayers. The typical family of four with two children will get $1,600 in tax relief. And the greatest benefits, the largest percentage reductions, will go to those who need them most. My plan is pro-growth. It gives our economy a jump-start by leaving more money in the hands of those who have earned it." George W. Bush - Feb 17, 2001

Obama has also made this argument

"I look forward to signing the economic recovery bill soon. The principle of the bill is pretty simple, that we believe the more money people have in their pockets, the more likely it is somebody is going to be able to find work in America. In other words, the more money somebody has, it means somebody is more likely to demand a good or a service, which means somebody will produce a good or a service, which means somebody is likely to find work." George W. Bush - May 22, 2003


A tax break that favors the top and the same dishonest arguments to support it. That is not change I can believe in, that's more of the same.